Crypto services project PlusToken, one of the biggest scams within the ecosystem, moved more than 26 million EOS tokens to an unknown wallet created a few hours ago.
The crypto transaction tracking service Whale Alert discovered a transaction made by PlusToken recently to an unknown wallet. The transaction involves the amount of 26.316.340 tokens EOS mobilized en masse by PlusToken. This fact indicates that the PlusToken Ponzi scheme has been activated again, leaving the crypto community worried and bewildered again with this action.
As of the date of this publication, the amount of EOS tokens moved is equivalent to more than 67,1 million dollars, and according to the investigations carried out on PlusToken and the transaction history it has, it is estimated that the people linked to this scam are preparing to make a massive sale of the EOS token, which could seriously affect the current price of this cryptocurrency.
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PlusToken, the biggest scam in the history of cryptocurrencies
PlusToken is a company that launched its crypto services almost in mid-2018, offering promotions that promised users huge profits in a very short period of time. As expected, PlusToken managed to obtain billions of dollars in Bitcoin, Ethereum, Ripple, EOS and other major cryptocurrencies from investors who believed their misleading offers, mainly in the Asian continent.
Initially, PlusToken offered a service of wallet so that users could keep their funds, with a supposed return of 16% of the stored funds and extra earnings for each referral that entered the company's services. Thus, through this typical strategy of a pyramid scheme and promoting the importance of education about cryptocurrencies, PlusToken managed to amass around 3 billion dollars by the time of its collapse, which occurred in 2019 when several of its members were arrested in Vanuatu, accused of fraud and extradited to China.
However, despite this situation, PlusToken addresses continued to move their funds through crypto services. mixers (mixers) to hide the origin of the funds; a situation that had a major impact on the cryptocurrency economy, causing major repercussions even for those who had not been direct victims of the PlusToken scam.
With the large movements of Bitcoin and other cryptocurrencies made by this system, the prices of these cryptocurrencies were unusually affected in the market, causing considerable drops in prices and causing losses to several investors.
Now, with the recent movements made in EOS, many in the community fear the fall in EOS prices in the market, although to date the 26 million EOS tokens have not yet moved from the wallet.
XRP cryptocurrencies are also on the move
PlusToken not only mobilized EOS tokens, according to the CEO and founder of Xrplorer.com, Thomas Silkjær, there was also a recent surge in the Ripple cryptocurrency of over 20.000.000 XRP coming from addresses managed by PlusToken.
According to Silkjær, Ripple's investigation into this movement determined that the cryptocurrencies were primarily sent to the exchanges de Hayi, OKEx y HBTC, with the latter receiving the majority of the funds. Silkjær also notes that the XRP was transferred between 6.500 different accounts to conceal the origin of the funds before being sent to the exchange accounts.
For its part, the research and tracking service Whale Alert also confirmed two large transactions made with XRP, which were also moved to unknown wallets. These movements are presumed to have been made by PlusToken.
Source: Whale Alert
Although to date both EOS and Ripple remain without significant price variations, it is estimated that an increase in selling pressure in the market may negatively affect the prices of both cryptocurrencies. The possible effects may be significantly reflected in EOS, which after the collapse suffered by the cryptocurrency markets in March, has found it difficult to recover the support level it currently has; therefore, a new fall could be devastating for the cryptocurrency.
Finally, exchanges are expected to comply with established KYC/AML regulations to properly verify who their customers are and where the funds come from.
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