Lookonchain Retracts Tweet on $2 Billion ETH Transfer, Actual Amount Significantly Lower
After lying dormant for approximately 3.3 years, “hundreds of wallets” have moved a substantial amount of Ethereum. Lookonchain initially estimated the total assets at around 789,533 ETH (~$2 billion).
Hundreds of wallets that have been dormant for 3.3 years are moving large amounts of $ETH, possibly 789,533 $ETH($2B)!
We noticed that hundreds of dormant addresses were transferring ETH.
Through on-chain tracking, we found that these funds came from the wallet “Plus Token… pic.twitter.com/QGKJknJEns
— Lookonchain (@lookonchain) August 7, 2024
Lookonchain experts have deleted the post. Journalist Colin Wu, citing EmberCN, reports that most of the 789,534 ETH were sold on the Huobi exchange from June to September 2021.
Lookonchain deleted the previous analysis. According to @EmberCN, most of the 789,534 ETH were sold on Huobi through multiple addresses from June to September 2021. Currently, only about 12 addresses have collected Plus Token-related ETH addresses in the last 30 hours, totaling… https://t.co/nPBWZvp0v7
— Wu Blockchain (@WuBlockchain) August 7, 2024
According to the publication, in the last 30 hours, about 12 wallets have gathered the remaining 25,757 ETH (approximately $63.1 million).
Researchers linked the cryptocurrency to a wallet labeled “Plus Token Ponzi 2.” The address distributed 789,533 ETH across thousands of wallets in 2020, which had not moved since April 2021.
On August 7, 2024, around 11:00 Kyiv/Moscow time, the addresses began transferring funds.
PlusToken was a Chinese financial pyramid scheme launched in the spring of 2018 and dismantled in the summer of 2020. At that time, Chinese law enforcement arrested 27 main suspects and confiscated the criminals’ assets.
According to Lookonchain, a total of 194,775 BTC ($11.2 billion), 833,083 ETH ($2.11 billion), 487 million XRP ($252 million), 79,581 BCH ($25.8 million), 1.4 million LTC ($82.3 million), 27.6 million EOS($12.7 million), 74,167 DASH ($1.7 million), 6 billion DOGE ($609 million) and 213,724 USDT were seized.
The first batch of assets confiscated from PlusToken was sold by China in November 2020, realizing $4.2 billion in cryptocurrency.
In December of the same year, a court sentenced 14 organizers of the pyramid. Key participants in the scheme received prison terms ranging from two to 11 years, along with fines from 120,000 to 6 million yuan.
Update (07.08.24, 19:15 (Kyiv/Moscow): Title changed following the deletion of Lookonchain’s publication. Update added.
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