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The cryptocurrency world is abuzz as hundreds of long-dormant wallets become active again. Wallets inactive for about 3.3 years have started transferring 789,533 ETH (worth approximately 2 billion dollars). This significant activity has created a major impact on the cryptocurrency market.
“Plus Token Ponzi 2” and Distributed ETH
The source of these wallets is quite intriguing. The wallet named “Plus Token Ponzi 2” distributed ETH to thousands of wallets in 2020 and had shown no activity since April 2021. However, in the last few hours, massive amounts of ETH transfers have started from these wallets. This movement is causing great curiosity and concern in the cryptocurrency world.
The story behind these transfers is even more interesting. Chinese police seized a large amount of cryptocurrency in their operation against the Plus Token Ponzi scheme. The seized cryptocurrencies were as follows:
- 194,775 BTC (worth approximately 11.2 billion dollars),
- 833,083 ETH (worth approximately 2.11 billion dollars),
- 487 million XRP (worth approximately 252 million dollars),
- 79,581 BCH (worth approximately 25.8 million dollars),
- 1.4 million LTC (worth approximately 82.3 million dollars),
- 27.6 million EOS (worth approximately 12.7 million dollars),
- 74,167 DASH (worth approximately 1.7 million dollars),
- 6 billion DOGE (worth approximately 609 million dollars),
- 213,724 USDT.
Reasons Behind the Movement
This sudden activity raises many questions. Why now? What is the purpose of these transfers? How will releasing such a large amount of ETH affect prices? The answers to these questions are not yet clear, but the cryptocurrency community is closely monitoring the situation.
Thanks to blockchain technology, these large transfers can be tracked in real-time. Each transfer is recorded transparently, making it easy to follow large fund movements. Since the tokens obtained from the Ponzi scheme are in the hands of Chinese police, it is believed that the move was made by China.
