Independent analysts have debunked a recent social media post claiming that hundreds of dormant wallets linked to the multi-billion dollar crypto scam Token Plus have started transferring nearly $2 billion worth of Ethereum. The now-deleted August 6 post on X by blockchain data analysis platform Lookonchain initially claimed that wallets connected to TokenPlus had started transferring approximately 789,533 Ethereum, valued at $1.8 billion at current prices. It appears that the amount may be significantly lower than initially stated.
Token Plus Assets Attract Attention
A follow-up investigation by the Chinese crypto data account EmberCN argues that Lookonchain’s original post was incorrect. It stated that most of the assets in question were sold in 2021.
In an August 7 post on X, EmberCN wrote that most of the 789,500 Ethereum mentioned by Lookonchain were sent to the British Virgin Islands-based crypto exchange Bidesk between June and September 2021.
EmberCN added that they tracked around 12 addresses linked to Plus Token and concluded that 25,757 Ethereum, valued at $63.1 million, had indeed been transferred in the last 24 hours. Lookonchain deleted its original post and has yet to publish an official statement or retraction of the information.
Blockchain data analysis platform Arkham Intelligence also shared a post on X about the movement of PlusToken-linked Ethereum transfers, claiming that Token Plus-linked wallets were carrying $450 million worth of Ethereum. However, a closer look at the data shared by Arkham reveals very little movement from the primary Token Plus wallets, highlighting only about $12 million worth of Ethereum transfers in the last 12 hours.
Details on the Matter
Plus Token was a China-based crypto wallet application that operated between 2018 and 2019 and is alleged to be one of the largest crypto Ponzi schemes to date. Researchers found that its investors were defrauded of up to $2.9 billion.
In July 2019, Chinese police detained six individuals involved in the Plus Token project in Vanuatu and initiated the necessary procedures for them to face criminal charges. One of the main ringleaders of the Plus Token project, known only as Zhou, is expected to face criminal charges in China according to local media reports from 2020.
