Ether linked to Plus Token scam is moving

This week, around $16 million worth of Ether from the Plus Token scam began moving onto exchanges. According to on-chain analyst ErgoBTC, the move indicates an intent to sell.

The Plus Token Ponzi scheme defrauded investors between 2018 and 2019, leading to the seizure of $4.2 billion worth of cryptocurrency by Chinese authorities. This amount included 833,083 ETH.

According to ErgoBTC’s latest analysis, around a third of the seized Ether was sold on the Bidesk exchange in 2021. The remaining 542,000 Ether was held in thousands of wallets and began moving in August.

This week, 15,700 Ether moved, of which around 7,000 ($16 million) ended up on exchanges. ErgoBTC noted that this move is not the final distribution of 540,000 ETH.

How do you think these moves will affect the crypto market? Share your thoughts in the comments.