PlusToken allegedly moved large amounts of BTC in four transactions totaling 22,923 BTC

The four transactions totaled over $240 million.
PlusToken's exit scam caused an estimated loss of $2.9 billion making it the largest exit scam.

Rajarshi Mitra Independent Analyst

PlusToken, the alleged crypto scheme, has moved four transactions worth over $240 million. Whale Alert, a Twitter account dedicated to reporting major crypto transactions posted earlier that these transactions amounting to 22,923 BTC were likely the proceeds of PlusToken.

The transactions took place on August 17 and they moved 6,000 BTC, 5,000 BTC, 7,000 BTC and 4,923 BTC. The monitor admits that while the transactions are linked to the PlusToken scheme, it's yet to be confirmed. Reportedly, PlusToken could be the largest crypto exit scam, with an estimated loss of $2.9 billion. The firm is said to have fraudulently promised that it could deliver wallet holders a return of investment between 8-16% per month, after depositing $500 in crypto assets.

Ciphertrace, a crypto and blockchain forensics firm revealed that the platform involves multiple Chinese nationals, the Chinese police and the company's co-founders. Recently, the US District Court issued an emergency freeze to preserve $8 million in assets linked with multiple entities accused of a fraudulent and unregistered initial coin offering.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

CLARITY Act approval odds sink fast ahead of Congressional hearing

The US House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence (AI) is holding a hearing titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation” on Friday.

Crypto Today: Bitcoin, Ethereum, XRP give back gains as tit-for-tat US-Iran strikes persist

Bitcoin has corrected by more than 1% on the day, trading below $63,000. This is part of a larger retracement from its weekly high of $65,600. Ethereum and Ripple similarly reflect overall pressure, with ETH falling toward the short-term $1,800 support and XRP hovering below the pivotal $1.10 level.

Dogecoin nears yearly low as bearish bias grows

Dogecoin extends its decline on Friday, trading near its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.

Pi Network Price Forecast: Mild recovery in PI marks early signs of trend reversal

Pi Network (PI) shows a mild recovery on Friday, following three consecutive days of consolidation, as selling pressure eases after a steep decline earlier this month. Speculative demand for a potential rebound in PI is on the rise as its Open Interest remains elevated.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.