“789,534 ETH (187,847,558 USD) transferred from PlusToken to unknown wallet,” Whale Alert reported.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 789,534 #ETH (187,847,558 USD) transferred from PlusToken to unknown wallet
— Whale Alert (@whale_alert) June 24, 2020
PlusToken is well-known for its dubious activity. It has always been classified as one of the biggest crypto-related scams since the industry emerged.
The PlusToken Ponzi scheme was purposely designed for the buying of PLUS tokens by its users, assuring them a high rate of returns.
As of 2019, the Ponzi scheme had accumulated about $2.9 billion in various crypto assets. However, the creator of PlusToken has since been arrested, but the accumulated funds are still circulating as reported by Chainalysis.
Considerably, several moments of huge price dumps experienced by digital currencies in the crypto market are possibly caused by the sell-offs of various tokens accumulated by the crypto scam PlusToken.
Ethereum (ETH) and other Cryptocurrencies in the Market
Over the past few hours, the price situation in the crypto market has not been favorable to the top cryptocurrencies, including the leading digital currencies Bitcoin (BTC) and Ethereum (ETH).
A few minutes ago, Ethereum lost important support levels after experiencing a sharp price downtrend, likewise Bitcoin (BTC). At the time of publication, ETH is trading at $233.74, with approximately 4% price plummet in the last 24 hours.