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China to Sell $1.3B of Ethereum From Seized PlusToken Scheme
Market Musing-g

China to Sell $1.3B of Ethereum From Seized PlusToken Scheme

Coin Edition
By Coin Edition
3 months ago
2 mins read
China to Sell $1.3B of Ethereum From Seized PlusToken Scheme
  • China has moved 7k ETH from a total of 542K ETH seized from PlusToken scheme.
  • The wallet has moved tokens for the first time since 2021. 
  • A sell pressure is hovering over ETH which suggests that lower prices are possible.

China is reportedly preparing to sell $1.3 billion worth of Ether (ETH) seized from the PlusToken Ponzi scheme. The wallet holding these tokens has moved for the first time since 2021, indicating that the holders of the leading digital asset might soon witness an increased selling pressure. 

Crypto researcher ‘FreeSamourai’ reported on X that approximately 7,000 ETH of the total 542,000 ETH seized from PlusToken have been transferred to various digital asset trading platforms, suggesting that authorities are initiating the sale. This raises the possibility that ETH could drop below the $2,400 price level.

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