Rajarshi Mitra
Independent Analyst
- The four transactions totaled over $240 million.
- PlusToken's exit scam caused an estimated loss of $2.9 billion making it the largest exit scam.
PlusToken, the alleged crypto scheme, has moved four transactions worth over $240 million. Whale Alert, a Twitter account dedicated to reporting major crypto transactions posted earlier that these transactions amounting to 22,923 BTC were likely the proceeds of PlusToken.
The transactions took place on August 17 and they moved 6,000 BTC, 5,000 BTC, 7,000 BTC and 4,923 BTC. The monitor admits that while the transactions are linked to the PlusToken scheme, it's yet to be confirmed. Reportedly, PlusToken could be the largest crypto exit scam, with an estimated loss of $2.9 billion. The firm is said to have fraudulently promised that it could deliver wallet holders a return of investment between 8-16% per month, after depositing $500 in crypto assets.
Ciphertrace, a crypto and blockchain forensics firm revealed that the platform involves multiple Chinese nationals, the Chinese police and the company's co-founders. Recently, the US District Court issued an emergency freeze to preserve $8 million in assets linked with multiple entities accused of a fraudulent and unregistered initial coin offering.
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