800,000 ETH Are Suspiciously on the Move – Trustnodes

800,000 ETH Are Suspiciously on the Move


A China based alleged ponzi scam that allegedly stole nearly 800,000 eth and for long was one of the very top addresses, PlusToken, has suddenly began moving a year or more after no activity.

Just hours ago the whole amount moved through a hoop address to the current destination from which they have sent out some 40,000 eth, worth about $12 million.

Ponzi scam moving millions of dollars worth of eth, June 2020
Millions of dollars worth of eth on the move from suspected address, June 2020

From the few addresses we skimmed, the amounts sent are still there and not moving further, making all this a bit intresting.

In fact it looks like all the circa 40,000 eth has gone to just one other address of their own and no more, at least at the time of writing.

That makes all this quite puzzling because the PlusToken so called ‘six’ were arrested last year in China.

Criminals or Politics?

It’s currently unclear how the original address was apportioned to PlusToken, with mountains of apparent misinformation seemingly circling around this matter.

PlusToken ethereum address, June 2020
PlusToken ethereum address, June 2020

The original address is a bit strange because it seems to only be receiving funds for the past few months, but as we can see above it has had its ups and downs in the amounts held.

There are some wild speculations and by Chainanalysis, microphoned by Cointelegraph, that some 180,000 BTC and 6,400,000 ETH were scammed by this token ‘project’, but the above chart looks a bit like the ethereum smart contract based ponzi that might never end.

In this Chinese version – if it was – they could have well had a backdoor key, and if you’re going to play a ponzi contract then exit scamming is the point of the whole thing, but in the current atmosphere in China regarding their government’s attitude towards cryptos, the last part of the above chart looks peculiar.

It suggests the owner has lost control and therefore someone else has gained it and since the Chinese government arrested the so called ‘six,’ there is little reason here to think without concrete evidence that these movements are not by the Chinese government itself.

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