A wallet associated with the alleged Ponzi scheme of crypto-currencies, PlusToken, has moved 26,316,339 EOS tokens (worth over $67 million at press time) to an anonymous wallet created less than 24 hours ago. The transaction was viewed by Whale Alert tracking service earlier today.
PlusToken is believed to be one of the largest scams in the history of cryptology, reportedly having assets of nearly $3 billion, including Bitcoin (BTC), Ethereum (ETH) and EOS when it went bankrupt in June last year.
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Launched in May 2018, PlusToken acted as a crypto wallet service and investment program that promised high monthly returns. It was marketed primarily in China and South Korea.
In July 2019, six Chinese nationals were arrested in Vanuatu and extradited to China as part of the PlusToken investigation. At the time, PlusToken claimed that those arrested were regular users and not the co-founders of the company.
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The following month, PlusToken reportedly began moving its funds to the exchanges in an apparent attempt to collect.
The scam was not widely discussed in the western community until August 2019, when the block chain analysis company, Ciphertrace, reported the suspicious project. According to Ciphertrace, PlusToken obtained about $2.9 billion from some 3 million people.
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Suspicious market movements
As Cointelegraph pointed out, similar movements in the past of wallets associated with PlusToken have been followed by suspicions of massive open market sales in cryptomoney exchanges. This in turn led to notable spikes in the prices of Bitcoin System, ETH and the altcoins.
In November 2019, the pseudonymous researcher Ergo suggested that a major market sale was possibly driven by PlusToken fraudsters liquidating 200,000 BTCs on the open market. Similarly, research firm Chainalysis suggested in its December 2019 report that PlusToken scammers may be using over-the-counter (OTC) ramps to sell BTC, driving the price down.
However, EOS remains intact at the time of publication. It is currently trading around $2.56, up 1.26% on the day.