Close Menu
AsiaTokenFundAsiaTokenFund
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
What's Hot

Bitcoin’s $150K Dream Delayed by Panic Sellers, Claims Michael Saylor

May 10, 2025

BlackRock XRP ETF Could Be Next As Ripple vs SEC Lawsuit Ends

May 10, 2025

Coinpedia Digest: This Week’s Crypto News Highlights | 10 May, 2025

May 10, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) YouTube LinkedIn
AsiaTokenFundAsiaTokenFund
ATF Capital
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
AsiaTokenFundAsiaTokenFund

$2 Billion Ethereum In Move: Are Chinese Seized Assets About to Crash the Market?

0
By on August 7, 2024 Altcoin, Bitcoin, Regulations, Trading, Web3
Share
Facebook Twitter LinkedIn Pinterest Email

The post $2 Billion Ethereum In Move: Are Chinese Seized Assets About to Crash the Market? appeared first on Coinpedia Fintech News

Ethereum wallets linked to the infamous Plus Token Ponzi scheme have suddenly become active, transferring 820,000 ETH, worth over $2 billion, in the past 24 hours. These wallets, inactive for more than three years, have raised fears of a potential crypto market crash. 

The funds, originally seized by Chinese authorities, are causing concern as their unexpected movement raises questions about market stability.

Dormant Wallets Shift $2 Billion in ETH

According to Lookonchain, a blockchain analytics firm, these wallets have transferred approximately 820,000 ETH equivalent to over $2 billion. 

On-chain tracking reveals that the funds originated from a wallet associated with the Plus Token Ponzi scheme, known as “Plus Token Ponzi 2.” This wallet had previously distributed a vast sum of ETH to numerous addresses in 2020 and remained inactive since April 2021. 

The sudden activity was detected just a few hours ago, as the wallets began transferring ETH. This movement has led to speculation about potential tampering with the Ether reserve held by Chinese authorities.

Chinese Authorities’ Involvement

In November 2020, Chinese authorities seized around $4.2 billion in various crypto assets, including those from the Plus Token scam. These assets included 194,775 Bitcoin, 833,083 Ethereum, 497 million XRP, 6 billion Dogecoin, and other cryptocurrencies like Bitcoin Cash, Litecoin, and Tether. 

While these seized tokens were valued at about $4.2 billion at the time, their value has now soared to approximately $13.5 billion due to higher asset prices.

No Official Confirmation 

However, there is no confirmation yet of any official action taken by the Chinese government. Perhaps, the reactivation of these wallets and the possibility that Chinese authorities might sell off the assets could trigger panic in the market.

Ethereum Is In Market Turmoil

Ethereum is facing ongoing challenges in the market. Recently, Coinpedia News reported that Jump Trading has unstaked 11,500 ETH, worth $29 million, from Lido Finance.

Despite this recent turmoil, Ethereum’s price is holding steady, trading at $2,480, with a market cap of $298 billion. The cryptocurrency remains in the green despite the market tensions.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin’s $150K Dream Delayed by Panic Sellers, Claims Michael Saylor

May 10, 2025

BlackRock XRP ETF Could Be Next As Ripple vs SEC Lawsuit Ends

May 10, 2025

Coinpedia Digest: This Week’s Crypto News Highlights | 10 May, 2025

May 10, 2025
Leave A Reply Cancel Reply

What's New Here!

Bitcoin’s $150K Dream Delayed by Panic Sellers, Claims Michael Saylor

May 10, 2025

BlackRock XRP ETF Could Be Next As Ripple vs SEC Lawsuit Ends

May 10, 2025

Coinpedia Digest: This Week’s Crypto News Highlights | 10 May, 2025

May 10, 2025

Dogwifhat (WIF) Eyes $1.50 After 133% Breakout: Can Bulls Maintain Momentum?

May 10, 2025
AsiaTokenFund
Facebook X (Twitter) LinkedIn YouTube
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
© 2025 asiatokenfund.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.

Ad Blocker Enabled!
Ad Blocker Enabled!
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.