PlusToken ETH Distribution Unveils New Obfuscation Pattern Ahead of Full Sale?

October 10, 2024
A representational image explaining the situation
A representational image explaining the situation

With 7,000 ETH sent to exchanges in the last 24 hours, a new era of PlusToken ETH obfuscation has begun. Is this just another attempt to mask a full sale of $1.3 billion worth of assets?

In early August 2024, the remnants of PlusToken’s Ethereum supply, valued at over $1.3 billion, awoke on-chain for the first time since 2021. Over the last 24 hours, 7,000 ETH has been sent to exchanges. This likely indicates an intent to begin selling the remaining tokens.

Courtesy: ∴FreeSamourai∴

This is just the latest example of PlusToken’s masterminds attempting to obfuscate their assets in preparation for a full sale. In 2019 and 2020, they attempted to do the same with over 150,000 BTC, which was likely sold by the entity seizing the PlusToken funds.

But this time around, they are using a new tactic. They are attempting to sell ETH in small quantities while keeping the overall supply secret. By sending 7,000 ETH to exchanges, they have created a temporary distraction, buying themselves some time before moving on to sell the remaining assets worth $1.3 billion.

PlusToken’s ETH Sale Could Mirror 2019’s BTC Obfuscation Tactics, Adding Market Pressure

As the dust settles from this latest attempt at obfuscation, it becomes clear that PlusToken’s masterminds are determined to cash out their ill-gotten gains. With a recent court document confirming that the confiscated assets have been turned over to Beijing Zhifan Technology Co. for conversion to cash, people can expect more activity in this space as they try to liquidate their remaining holdings.

But what’s most striking about these developments is how they resemble events from 2019 and 2020, raising questions about whether PlusToken’s masterminds will finally disclose their assets. The outcome remains uncertain as the situation unfolds.

This recent activity adds an unexpected supply overhang to the Ethereum market.

PlusToken was a multibillion-dollar crypto Ponzi scheme that started in early 2018. It ran until June 2019, when Chinese authorities arrested the scheme’s masterminds.

Data from Bitcoin Treasuries shows that China holds 190,000 Bitcoin, ranking just behind the United States, which leads with 203,239 Bitcoin—the largest government-held stash. The United Kingdom follows in third place with 61,000 Bitcoin.

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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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