Plus Token Ether is heading for the open market, Upbit’s monopoly sparks bank-run fears, and more.
Plus Token-linked Ether found and on the move
Around $16 million in Ether from the Plus Token scam started moving to exchanges this week, suggesting intent to sell, according to on-chain analyst ErgoBTC.
The Plus Token Ponzi scheme, which defrauded investors between 2018 and 2019, led to the reported seizure of $4.2 billion in crypto by Chinese authorities, including 833,083 ETH.
ErgoBTC’s latest analyst states that around a third of the seized Ether was sold at now-defunct crypto exchange Bidesk in 2021. The remainder, approximately 542,000 Ether in thousands of wallets, started moving in August and was consolidated into 294 addresses.
This week saw the movement of 15,700 Ether, of which around 7,000($16 million) entered exchanges.
“Given the recent effort to re-obfuscate the ETH it is unlikely that the active distribution of the 15.7k ETH moved yesterday is the last of the 540k ETH supply distribution,” ErgoBTC said on X.
The Plus Token fund movements caused quite the division this past August, as no one could agree on how much of the ponzi scheme’s ETH was still available to be sold.
Blockchain tracker Lookonchain initially claimed on X that 789,533 dormant Ether from the Plus Token scheme had started moving.
Lookonchain deleted the post after onchain analyst EmberCN reported that 268,843 ETH had been sold at Bidesk in 2021. EmberCN claimed to have tracked 25,757 of the remaining Ether to 12 addresses, adding that most of the Ether was sold in 2021.
Data platform Arkham Intelligence offered its own analysis, estimating that 196,000 dormant Ether related to PlusToken began moving within a 12-hour period.
ErgoBTC’s analysis agrees with EmberCN’s statement about the near-269,000 Ether at Bidesk, but finds Ether from the scam in more than the 12 wallets.
Similar to Arkham’s preliminary report, ErgoBTC found that dormant Ether — estimated at the remaining 540,000 — began moving in August.
The movement of $16 million in Ether isn’t a significant supply shock for the cryptocurrency, but the possible movement of 540,000 Ether, worth around $1.3 billion, presents a much larger sell pressure.
The rise, fall, and another fall of the $10.5M ‘Crypto King’
Filipino police arrested a 23-year-old self-proclaimed “Crypto King” on Oct. 7, accused of defrauding investors out of approximately 600 million Philippine pesos ($10.5 million).
The suspect, identified as “Joshua” at a police press conference, allegedly targeted high-profile victims, including media figures, police, and government employees, according to the government outlet Philippine News Agency.
He reportedly maintained a database of potential victims, indicating that his targets were premeditated rather than random.
The so-called crypto king was previously arrested in September 2023 under the name Vance Joshua Tamayo.
Tamayo portrayed himself as a crypto genius, promising investors 4.5% monthly returns through a scheme presented as a legitimate business. Initially, he fulfilled these promises, but later cut off communications with investors.
In the first case, he was accused of scamming victims out of 100 million pesos ($1.7 million) but was released on bail for 54,000 pesos (less than $950).
His scam volume has since increased after authorities received additional complaints from alleged victims.
Police said they plan to file a “large-scale estafa” case, or a large-scale fraud case, against Tamayo, which would eliminate the bail option for him.