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The Daily Hodl
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PlusToken’s Massive Stash of Crypto on the Move, Whale Watchers Tracking XRP and EOS Transfers

by Daily Hodl Staff
June 22, 2020
in Scams, Schemes and Hacks

A huge stash of cryptocurrency linked to one of the most notorious scams in the industry’s history is now on the move.

Whale watchers are monitoring the transfer of 26,316,339 EOS, worth about $67 million. According to the crypto tracker Whale Alert, the funds were sent from a known PlusToken address to a wallet of unknown origin.

In addition, the XRP explorer Bithomp says a large XRP whale that surfaced last week is also part of the Plustoken scam.

The whale moved 284,774,000 XRP worth about $53.7 million in two transactions. Although Whale Alert identified the owners of the XRP in question as unknown, Bithomp says the sending wallet is owned by PlusToken scammers.

? ? 150,000,000 #XRP (28,238,863 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/Aqy7fsKb4x

— Whale Alert (@whale_alert) June 19, 2020

? ? 134,774,000 #XRP (25,568,073 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/7N5u2Q0LDs

— Whale Alert (@whale_alert) June 19, 2020

PlusToken is an alleged Ponzi scheme that launched in 2018 in South Korea. It promised high-yield returns to its investors, produced by “exchange profit, mining income, and referral benefits”.

The popular scheme drew in millions of users, with Ciphertrace reporting that investors lost an estimated $2.9 billion after PlusToken’s app and exchange eventually went offline last year.

The thieves behind the scam have long been accused of creating selling pressure on the Bitcoin (BTC) and crypto markets as they attempt to offload their holdings in exchange for fiat.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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