Is the PlusToken Scam Back? $2 Billion in Ethereum Transferred

On-chain analytics firm Lookonchain has reported that hundreds of dormant Ethereum (ETH) wallets, inactive for over three years, have suddenly sprung to life, transferring a staggering 789,533 ETH, valued at approximately $2 billion. The funds were initially traced back to a wallet labeled “Plus Token Ponzi 2,” raising concerns and questions among investors, analysts, and the broader crypto community on the impact of the infamous PlusToken Ponzi scheme.

Lookonchain’s findings show that Ethereum in these wallets was part of the massive holdings seized by Chinese authorities during their crackdown on the PlusToken scheme in 2020. The PlusToken Ponzi scheme, which operated as a fraud investment platform, defrauded investors to the tune of billions in various crypto assets. The scheme’s operators dispersed the seized ETH to thousands of wallets, but the assets have remained untouched since April 2021.

Recently, on-chain tracking revealed that the PlusToken Ponzi 2 wallet dispersed 789,533 ETH to thousands of addresses in 2020. These wallets remained inactive until a few hours ago when they began transferring Ethereum again.

The PlusToken Ponzi sc…

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