Ethereum Market Analysis: Researcher says PlusToken scammers are mixing $117,000,000 worth Ether, ETH/USD remains unaffected
|- PlusToken scam operators are cycling their ETH through mixers, according to Frank - a pseudonymous researcher.
- He noted that the mixer has made five hops and has used 4,967 addresses to send smaller units of the coin.
- ETH/USD faces bearish correction, following two straight bullish days.
A researcher who goes by the name “Frank” has recently said that the criminals behind the PlusToken scam are active and are cycling their ETH stash through mixers. He noted that currently, the PlusToken mixer has made five hops and used 4,967 addresses to send smaller units of the coin. 3813 of these addresses currently store an average of 140 ETH, indicating that the scammers are trying to move 533,820 ETH (worth $117.4 million).
Mixing involves shuffling a user’s digital assets with several other coins and then sending smaller units to separate wallet destinations. This makes transactions more anonymous. While the process is designed to give privacy to legitimate cryptocurrency users, it can also be used to hide criminal activity. Frank expects the mixing to continue, suggesting that the scammers are planning to use more wallets containing ETH to liquidate the stash through exchanges without creating any suspicion.
ETH/USD daily price chart
ETH/USD faced bearish correction in the early hours of Tuesday as the price dropped from $227.89 to $227.20. As such, it seems to be following the price activity of the rest of the cryptocurrency market. Currently, the price is sandwiched between SMA 20 and SMA 50 curves.
The price has strong resistance levels at $231.85 (SMA 20), $238 and $243.60. On the downside, healthy support lies at $226.85, $225.45 (SMA 50) and $220.
Key levels
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