On October 10, crypto researcher 'FreeSamourai' reported that around 7,000 ETH of the remaining 542,000 ETH from the PlusToken seizures was sent to exchanges. This could indicate intent to sell the remaining tokens, but no significant selloffs have been observed yet.
PlusToken Funds Movement
As of October 10, part of the remaining ETH funds seized from PlusToken were being moved. In early August, the remnants of ETH from the multi-billion-dollar PlusToken scam first appeared on-chain since 2021.
PlusToken History
PlusToken launched in February 2018 as a South Korean crypto exchange and wallet provider. However, it was a multi-billion-dollar Ponzi scheme that concluded in mid-2019. As a result, Chinese authorities seized crypto assets worth $4.2 billion and arrested over 100 people involved in the scheme.
Ethereum Price Analysis
In recent days, Ethereum has been under selling pressure, with its price dropping below $2,400. Despite trading sideways for the past two months, further pressure could cause a rapid fall back to the support level at $2,200.
Whether the sale of the remaining PlusToken assets will have significant repercussions for the Ethereum market remains to be seen. While the news of a possible sale continues to introduce uncertainty, market observers are watchful for future developments.