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.

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.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin will surpass gold by market value and cost over $500 000 in 9 years - Bobby Lee

One bitcoin will half a million dollars by 2028, according to Bobby Lee, the co-founder and the former CEO of China's lowest cryptocurrency exchange BTCC.

More Bitcoin News

Stellar (XLM) retreats from weekend high, stays in green on a day-to-day basis

Stellar (XLM) recovered from the recent low of $0.0683 to trade at $0.0815 on Sunday. By the time of writing, the coin has partially reversed the gains and settled act $0.0778; however, it still enjoys 3% of gains on a day-to-day basis. 

More Stellar Lumens News

Ethereum price analysis: ETH/USD sits in a long-term range

ETH/USD is trading at $186.57 at the time of writing, having retreated from the intraday high of $190.28. The second-largest digital asset with the current market value of $20.3 billion has lost 1.34% of its value since the beginning of Monday and stayed mostly unchanged on a day-to-day basis. 

More Ethereum News

Ripple price update: Reignited bearish momentum targets $0.27

Ripple continues to be depressed towards $0.27 (recent support). It is clear recovery towards $0.30 is nothing but a mirage based on the current technical picture.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast

BTC

ETH

XRP