PlusToken moved 789,525 <span class="PrettyLink-value">ETH worth more than $100 million from its wallet to another wallet giving rise to the fear of another dump. The movement of funds from the PlusToken wallet comes only days after blockchain analysis firm <a href="https://www.cryptoknowmics.com/crypto/plustoken-dump-could-be-behind-bitcoin-price-drop/">Chainalysis</a> published a report suggesting Bitcoin price fall could be triggered by market dump coming from the PlusToken wallets.</span>

The report highlighted that the Ponzi scheme which pocketed almost $2 billion from investors kept dumping <a href="https://www.cryptoknowmics.com/crypto/a-comprehensive-guide-for-bitcoin-and-blockchain/">Bitcoin</a> on the market even after the arrest of 5 people involved with the scam. Chainalysis tracked the dumping of Bitcoin from PlusToken wallets and found that every dump led to the fall in Bitcoin price throughout 2019.  Most of these dumplings were done through OTC desk on Huobi exchange.

Now the movement of Ether from the PlusToken wallet has given rise to speculations of another dump on the cards. Twitter handle WhaleAlert which tracks the movement of crypto funds from wallet to wallet alerted the general public about the move.
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">? ? ? ? ? ? ? ? ? ? 789,525 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> (105,099,509 USD) transferred from PlusToken to unknown wallet</p>
Tx: <a href="https://t.co/9kTSZy7Y1G">https://t.co/9kTSZy7Y1G</a>

— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1207464036142596096?ref_src=twsrc%5Etfw">December 19, 2019</a></blockquote>
&nbsp;
<h2>The role of coin mixing tools in PlusToken Dump</h2>
Scammers and Ponzi scheme runners often resort to coin mixing services like Wasabi wallet to hide the origin of the transactions. They also process these transactions very cautiously sending small amounts in the mixer and send it to multiple wallets to make it difficult to keep track of the transactions. However, with the emergence of blockchain analytical services, using cryptocurrencies for illicit activities or trying to launder the fund pocketed from Ponzi scheme is getting tougher by the day.

Crypto enthusiasts will be closely monitoring the Ethereum market to look for possible dumps coming ahead. The Chainalysis report hinted that although 5 arrests were made related to the PlusToken scam, there is a 6th member as well who has continued dumping Bitcoin and Ethereum onto the market. The dumping of these tokens went low during the time of arrest but started to spike again around September. Many are speculating that the recent movement of Ether could be triggered by the Chainalysis report itself.

$100M+ Worth Ether Moved From PlusToken Wallet

PlusToken moves $100 million worth of Ether from its wallet to an unknown wallet giving rise to another possible market dump speculations.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

$100M+ Worth Ether Moved From PlusToken Wallet

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