Around $16M in Ether linked to the Plus Token scam started moving this week, raising concerns of a larger sell-off. Could $1.3B in ETH flood the market?
This week, $16 million worth of Ether linked to the infamous Plus Token Ponzi scheme began moving toward exchanges, suggesting a possible intent to sell. With over $1.3 billion in dormant Ether still in circulation, the crypto community is watching closely as this movement could signal significant market activity. The Plus Token scheme defrauded investors out of billions, and now, the potential release of these funds has raised alarm bells in the cryptocurrency world.
Key Points:
Plus Token Ether Movement: Around 15,700 Ether, part of the remaining stash from the Plus Token scam, began moving to exchanges, raising sell-off concerns.
Analysts’ Findings: On-chain analyst ErgoBTC and others agree that about 540,000 Ether from the scam remains at large, with $16 million recently moving into exchanges
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Market Impact: While the $16M Ether movement isn't large enough to create a market shock, the potential sale of $1.3 billion worth of Ether could bring significant sell pressure.
Previous Ether Movements: A portion of the Ether from the scam was sold in 2021, but the majority remains dormant. Recent movements show renewed activity.
Future Risk: Analysts are divided on how much Ether remains unsold, but all agree that significant market turbulence could occur if the full amount is offloaded.
The $16 million in Ether from the Plus Token Ponzi scheme moving to exchanges is just a drop in the bucket compared to the $1.3 billion that could be sold off. As the crypto market faces the possibility of this massive influx, traders are keeping a close eye on developments. Whether this will lead to a supply shock remains uncertain, but the Plus Token scam continues to haunt the crypto space.
Source: Cointelegraph
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