|

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.
 

Author

Rajarshi Mitra

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.

More from Rajarshi Mitra
Share:

Editor's Picks

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

Ripple bulls build new support base amid RLUSD payments expansion

Ripple ticks up for the second day in a row on Friday, trading at $1.34. The remittance token holds above medium-term structural support; however, strong supply near $1.40 caps upside. A break above this area would reinforce the bullish grip.

Busy week for Ripple’s RLUSD: What changes for stablecoin holders?

Ripple’s RLUSD is gaining ground across institutional finance, with a major bank launching custody services, a new wallet integration making it easier for developers to build payments and agentic experiences on the network, and a brokerage platform planning to use the stablecoin for settlement.

Bitcoin Weekly Forecast: Macroeconomic headwinds, cooling demand cap BTC gains

Bitcoin extends its correction this week, trading below $82,500 on Friday, as selling pressure continues. Hotter-than-expected US CPI and PPI data point to broader inflation pressures and persistent geopolitical uncertainty, weighing on risk sentiment.

Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.