Unknown Wallet Receives over Sixty Million USD

Colin Baseman

Most of the crypto market analysts claim that the crypto community needs to refer to recent history to understand what meaning this transfer may carry.

Ponzi scheme has helped many cybercriminals benefit from the crypto market – they applied it to practice illegal activities in the past and managed to escape punishment for their illicit operations. Nowadays crypto holders are discussing the recent event – according to the latest reports, an unknown wallet received sixty-seven million USD. The amount of the transferred funds is astonishingly massive and the exchange couldn’t leave the matter without its attention.

It’s important to mention that the wallet the assets were sent to appeared on the platform less than twenty-four hours ago. Thanks to the services carried out by Whale Alert, the system spotted this suspicious transaction and made a report on the event.

Source of image: https://bloks.io/account/jnhgvbkkfdjf

Crypto experts believe that PlusToken, which is part of the entire Ponzi scheme, is one of the largest scams. Advanced traders are aware of this and know what role it played in the cryptocurrency history. Participants remember the time when this token held assets worth approximately three billion USD and this amount included BTC and other currencies like EOS and ETH. However, the scheme failed and went bust a year ago.

The Largest Scam in Crypto History

Ponzi showed up in 2018 and the token was considered a crypto wallet service. It also served as an investment instrument. Its developers guaranteed exceptionally massive monthly returns. First, the scheme entered the Chinese and Korean markets. A year later, the authorities arrested six cybercriminals who took part in the development of Ponzi scheme and initiated an investigation. The suspects claimed that they were regular users and had nothing to do with the founders.

Soon, the platform began to transfer funds to various exchanges – they did their best to cash out the money. The Western crypto community found out about the scheme only ten months ago – back then analysts warned users about the suspicious activity. All in all, the cryptocriminals netted almost three billion USD.

Suspicious Activities and Risky Market Moves

Top mass media outlets observed various suspicious activities in the past. Their participants used anonymous wallets related to the scheme and performed frequent and massive market sales. Most of those moves were reported on several major exchanges. What occurred then significantly affected cryptocurrencies and caused spikes in prices.

Over seven months ago, crypto specialists got in touch with a crypto researcher who claimed that the huge market selloff was inevitable – the scheme was the major factor that triggered the movement. As a result, the only option for scammers then was to urgently liquidate two hundred thousand BTC.

Eventually, they performed it by means of the open market. More than that, cybercriminals are still employing the same scheme. At the end of 2019, Ponzi scammers were applying their approach and following their own patterns again while trying to sell the cryptocurrency utilizing over-the-counter off-ramps. This, in turn, drove down the crypto price.

What the crypto community witnesses nowadays is that EOS remains stable. It looks and feels unshaken and is presently trading approximately 2.56 USD up to 1.26% on the day. Major crypto market specialists suggest that participants should always stay cautious of newly launched schemes and plans that promise unbelievable returns. Chasing after big money may lead to terrifying failures.