Ethereum

Ponzi

Impact

Arkham

Million

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum [ETH] is under pressure due to external factors and the movement of PlusToken Ponzi scheme wallets.</li> 
 <li>Reports of a potential $2 billion worth of ETH transfer has increased market fears and selling pressure concerns.</li> 
</ul>  
<p>The cryptocurrency market has been going through a tough phase recently, and Ethereum [ETH] has been significantly affected by external factors. One of the key factors contributing to Ethereum’s troubles is the recent movement of wallets linked to the PlusToken Ponzi scheme.</p> 
<h2 id="plustoken-s-2b-eth-transfer">PlusToken’s $2b ETH Transfer</h2> 
<p>Reports have emerged that Ethereum wallets associated with the PlusToken Ponzi scheme, which operated from 2018 to 2019 in China, have been active. This scheme led to Chinese authorities seizing $4 billion in crypto, and now, after more than three years, the wallets have reportedly moved.</p> 
<p>In 2020, Chinese authorities seized 833,083 ETH worth over $2 billion at current market rates. These reports first appeared from Lookonchain, which also mentioned that hundreds of wallets linked to the PlusToken Ponzi scheme were in motion.</p> 
<p>However, it was clarified that most of the ETH were already seized, and only about $63 Million worth of ETH is currently moving. EmberCN clarified this through some accounts, stating that roughly 12 addresses related to PlusToken had collected ETH in the last 30 hours.</p> 
<p>On the other hand, Arkham Intelligence disputed this analysis, claiming that more than $450 million in ETH moved in the past 24 hours. These conflicting reports have left ETH investors, traders, and analysts worried about potential selling pressure.</p> 
<h2 id="eth-market-impact">ETH Market Impact</h2> 
<p>Ethereum has faced extreme fluctuations following the market crash on 5th July, hitting a low of $2116. The recent news of a potential $2 billion worth of ETH transfer has increased market fears and selling pressure concerns.</p> 
<p>This news has led to a decrease in trading volume by 4.56% to $23.6 billion and a market cap decline of 3.59% to $291.1 billion. At the time of writing, ETH was trading at $2,421 after a 3. 35% decline on daily charts. The altcoin’s market cap has also declined by 3.79% to $290.8 billion in the last 24 hours.</p> 
<p>According to analysis, the decline is not an isolated sell-off after the PlusToken movement but wider price corrections. The relative strength index was also at 26, an oversold zone suggesting that ETH has experienced massive selling pressure.</p> 
<p>Furthermore, analysis of Cryptoquant shows exchange outflow has declined over the past seven days, indicating traders are keeping their assets liquid for potential selling. This suggests a lack of confidence in ETH’s long-term prospects. Additionally, data from Coinglass shows ETH’s open interest has declined over the past seven days.</p> 
<p>Despite the movement of the PlusToken Ponzi scheme held ETH, Ethereum has already been experiencing a decline. Therefore, the current price action is not solely due to the PlusToken Ponzi scheme transfers.</p>

Ethereum under Siege: PlusToken Fraud Re-emerges Moving $2B Worth ETH

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CoinEagle.com

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