Crypto Ponzi Scheme PlusToken Moves 74.7 Million XRP, 26 million EOS

Published by Cyber Flows on

There has been a sudden movement of funds up to the tune of 26 million in EOS tokens (over $67 million) allegedly linked to PlusToken cryptocurrency Ponzi scheme.

On another note, the proclaimed fraudulent crypto wallet and investment company also moved 74.7 Million in XRP token. The CEO of XRPLedger forensic platform Xrplorer, Thomas Silkjær, hinted on the movement of the token. He noted that PlusToken has already started moving XRP to different exchanges.

According to Thomas, 74.7 million XRP was moved to OKEx, HBTC, and Houbi Global exchange in badges of 29 million, 17.7 million, and 29.5 million respectively.

PlusToken was earlier accused of snatching up to $3 billion from its users in the middle of last year, the scam was believed to be the biggest crypto Ponzi scheme in history.

Although, there are still speculations on where exactly the 26 million EOS were sent to due to the anonymous state of the wallet. Nevertheless, the cash-out by PlusToken organizers will probably have a significant impact on EOS prices and the cryptocurrency market at large.

In a similar development, PlusToken has been indirectly responsible for the plummeting price of Bitcoin and the subsequent crash of ETH’s price. This can be linked to the $185 million sell-off in Bitcoin and a transfer of over $105 million in Ethereum done by PlusToken.

A senior economist at one of the prominent blockchain tracking firm, Chainalysis, Kim Grauer, reported that according to research conducted by Chainalysis, it was discovered that many cryptocurrencies have been siphoned through mixers, obscuring transaction origin to make it anonymous.

Reports from Chainalysis backed the allegation that PlusToken could be partially responsible for the “continued down pressure” in the cryptocurrency market, Grauer further pointed out that the state of the crypto market is essential for decision making.

Grauer, a senior economist at Chainalysis, said that PlusToken could be at least partially responsible for “continued downward pressure” in the crypto market.

However, the market price of EOS remained unaffected; it was trading around 2.54 USD at press time.


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