In an enigmatic maneuver, wallets long-associated with the $4.2 billion PlusToken Ponzi scheme have begun moving substantial amounts of ether (ETH), provoking market speculation regarding potential sell pressure. On-chain analytics reveal that over 2,800 ETH, previously dormant, have been consolidated into a single wallet, “0xf46847fa42fd9dd52737f3d25b8659cceba80eeb.”

Arkham, an on-chain analysis tool, confirmed the movements, tracing the ether back to a 2020 seizure that captured $2 billion worth of ETH. On-chain tracking firm LookonChain noted, “Hundreds of wallets, inactive for 3.3 years, are mobilizing vast quantities of $ETH, possibly 789,533 $ETH ($2B). These funds trace back to the wallet ‘Plus Token Ponzi 2.’”

In a sweeping crackdown in November 2020, Chinese authorities seized nearly $4 billion in various cryptocurrencies, including ETH, bitcoin (BTC), dogecoin (DOGE), and xrp (XRP), from the operators of the PlusToken Ponzi scheme. This operation followed the arrest of 27 alleged masterminds behind the elaborate scam, which had ballooned to over 3,000 layers and ensnared more than 2 million investors through the deceptive use of cryptocurrencies as investment vehicles.