The recent movement of over 7,000 ethers from wallets associated with the former PlusToken scheme has alerted the crypto community to potential market consequences.

Movement of Seized Ether

According to crypto researcher ErgoBTC, 7,000 ethers have been redirected from wallets linked to the PlusToken fraud scheme for the first time in several years. This movement raises concerns about a potential sale of $1.3 billion worth of ethers.

Historical Context

Between 2019 and 2020, a significant portion of the seized Bitcoin was sold, causing notable market volatility. The ether holdings remained largely untouched until 2021 when a portion was moved to the Bidesk exchange. From 2024 onwards, 542,000 ethers were consolidated into 294 new addresses.

Market Impact

Following the news of the ether movement, ETH price dropped below $2,400, reflecting concerns over potential future sell pressure. If the remaining 542,000 ethers are sold, it could lead to further price drops below $2,000.

The movement of ether funds is causing concerns among market participants, as there is a high probability that their sale could significantly impact the cryptocurrency market.