Mysterious Ethereum Transactions and $4 Billion Scam

Unused Ethereum Wallets Linked to Cryptocurrency Scam

Hundreds of Ethereum wallets that had remained unused for over 3 years suddenly started moving large amounts of ETH, sparking many speculations in the cryptocurrency market. It turns out that these wallets were linked to a $4 billion fraud scheme.

Blockchain Transactions

A company specializing in tracking blockchain transactions, Lookonchain, revealed that wallets dormant for 3.3 years shifted over 700,000 ETH. Surprisingly, these funds originated from an address associated with the financial pyramid scheme PlusToken. Chinese authorities seized similar funds in 2020, indicating a connection between the two cases.

Decreased Amount of Moved ETH

Initially, it was believed that a significant amount of Ethereum was moved, but later data showed that the actual quantity was lower. Analysts emphasize that the amount of ETH “waiting to be sold” is smaller than originally suspected, which could impact the cryptocurrency market.

Transactions on Cryptocurrency Exchanges

It was discovered that the majority of ETH transferred to the exchange Bidesk ended up on the Huobi exchange and was sold in 2021. The Chicago-based trading firm, Jump Trading, carried out an additional $29 million ETH sale today and is preparing to sell another batch worth $48.2 million.

ETH Value Decline

As a result of the recent Jump Trading transaction, the value of Ethereum dropped by 6.5% in the last four hours. Currently, ETH is down by 6.8% daily and 28.3% weekly, possibly as a consequence of recent events in the cryptocurrency market.

Remember that investing in cryptocurrencies carries high risk, so always analyze information carefully and make decisions cautiously.