Ethereum

Cryptocurrency

Ponzi

Major

Bitcoin

<ul class="wp-block-list">
 <li>China has begun selling Ethereum seized from the PlusToken scheme, moving 7,000 ETH to major exchanges this week.</li>  
 <li>Analysts expect further sales of the remaining $1.29 billion in ETH, potentially pressuring the cryptocurrency market.</li>  
 <li>PlusToken’s seized assets, including Bitcoin, have been liquidated to compensate victims, with Ethereum sales now underway.</li> 
</ul>  
<p>China has started liquidating Ethereum (ETH) assets seized from the notorious PlusToken Ponzi scheme. Recently, around 7,000 ETH, worth $16.7 million, was moved to several exchanges.&nbsp;</p>  
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  https://twitter.com/WuBlockchain/status/1844174560360587268
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<p>This move has triggered concerns about a broader impact on the cryptocurrency market. The transfers occurred after dormant wallets linked to the scheme resurfaced in August 2024.</p>  
<h2 class="wp-block-heading" id="h-analysts-predict-further-ethereum-sales"><strong>Analysts Predict Further Ethereum Sales</strong></h2>  
<p>According to <a href="https://x.com/ErgoBTC/status/1844117289123410303" target="_blank" rel="noopener noreferrer nofollow">OXT Research</a>, these movements suggest that a full sale of the remaining PlusToken assets is likely. Around 542,000 ETH, worth $1.29 billion, still remains unsold.&nbsp;</p>  
<p>This mirrors the pattern seen with Bitcoin, which was also seized and sold by Chinese authorities after the <a href="https://cryptonewsland.com/chinese-govt-holds-3-9b-btc-despite-anti-crypto-policies/" target="_blank" rel="noopener noreferrer nofollow">PlusToken scam</a> collapsed in 2019. The ongoing sales could further pressure Ethereum’s volatile market.</p>  
<h2 class="wp-block-heading" id="h-seized-crypto-from-plustoken-scam"><strong>Seized Crypto From PlusToken Scam</strong></h2>  
<p>The PlusToken scam swindled many investors between 2018 and 2019, which resulted in the confiscation of over $14 billion in cryptocurrency, including Bitcoin and Ethereum.&nbsp;</p>  
<p>Officials transferred the crypto to Beijing Zhifan Technology, which has been selling them off to provide compensation to the victims. Although the majority of Bitcoin, valued at $1.3 billion, was sold by 2020, most of Ethereum has stayed untouched until now.</p>  
<h2 class="wp-block-heading" id="h-transfers-to-major-exchanges"><strong>Transfers to Major Exchanges</strong></h2>  
<p>15,700 ETH was transferred from wallets connected to PlusToken on Tuesday. Out of this amount, 7,000 ETH was transferred to leading exchanges such as <a href="https://www.binance.com/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, BitGet, and OKX. Analysts predict that this signals the start of a bigger sell-off, potentially leading to an influx of more Ethereum into the market in the upcoming months.</p>  
<p>It is anticipated that the cryptocurrency market will be impacted greatly by China selling off PlusToken's Ethereum assets. With more ETH being introduced into the market, there could be a rise in selling pressure that might affect Ethereum prices even more, leading to short-term fluctuations.</p> 
<p>The post <a href="https://cryptonewsland.com/7000-eth-moved-to-exchanges-as-china-sells-off-plustoken/" rel="noopener noreferrer nofollow">7,000 ETH Moved to Exchanges as China Sells Off PlusToken Seized Cryptocurrency</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

7,000 ETH Moved to Exchanges as China Sells Off PlusToken Seized Cryptocurrency

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