Independent analysts have refuted recent allegations circulating on social media that claimed dormant wallets associated with the multi-billion dollar crypto scam Token Plus have started moving nearly $2 billion worth of Ethereum. A post by blockchain data analysis platform Lookonchain on August 6 initially suggested that wallets tied to Token Plus had commenced transferring approximately 789,533 Ethereum, valued at $1.8 billion. However, it appears the actual amount may be significantly lower than originally reported.
Token Plus Assets Scrutinized
A subsequent investigation by Chinese crypto data account EmberCN challenged Lookonchain’s initial claims. EmberCN indicated that most of the assets mentioned had already been sold in 2021. In an August 7 post, EmberCN detailed that the majority of the 789,500 Ethereum referenced by Lookonchain had been transferred to the British Virgin Islands-based crypto exchange Bidesk between June and September 2021.
Furthermore, EmberCN tracked around 12 addresses linked to Plus Token and determined that 25,757 Ethereum, worth $63.1 million, had indeed been transferred in the past 24 hours. Lookonchain has since deleted its original post and has not yet issued an official statement or retraction.
What Are the Facts?
Blockchain data analysis platform Arkham Intelligence also commented on the Token Plus-linked Ethereum transfers, claiming that wallets connected to Token Plus were moving $450 million worth of Ethereum. Yet, upon closer examination, Arkham’s data showed minimal activity from the primary Token Plus wallets, identifying only about $12 million worth of Ethereum transfers in the last 12 hours.
Key Insights
– EmberCN’s research indicates most Token Plus assets were sold in 2021.
– Only 25,757 Ethereum, valued at $63.1 million, have moved recently.
– Arkham Intelligence’s data shows minimal activity from main Token Plus wallets.
Conclusion
Plus Token was a China-based crypto wallet application active between 2018 and 2019, alleged to be one of the largest crypto Ponzi schemes, defrauding investors of up to $2.9 billion. In July 2019, Chinese authorities detained six individuals involved in the scheme, and one of the ringleaders, known as Zhou, is expected to face criminal charges in China according to local media reports from 2020.