Whale Alert, an account on Twitter that tracks large-sum crypto transactions, posted on Saturday, August 17, that major recent Bitcoin transactions were allegedly related to crypto scheme PlusToken.
According to the report, four transactions of 7,000 BTC, 6,000 BTC, 5,000 BTC and 4,923 BTC were made on Saturday. The total value of the transfers surpassed $240 million.
Whale Alert has stressed that although these transactions were likely associated with the alleged Ponzi scheme PlusToken, there is no definitive proof at the moment.
At press time, the total amount of bitcoins in circulation is around 17,885,137 BTC, according to CoinMarketCap. The value of transactions spotted by Whale Alert (22,923 BTC) represents 0.13% of that.
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According to cryptocurrency news media Cointelegraph, Plus Token might be the largest crypto exit scam to date. The amount of stolen money is reported to be around $2.9 billion. Before going defunct, the scheme claimed it would provide a 16% return on investment per month to users who deposit $500 or more in crypto.
According to blockchain research firm Ciphertrace, several Chinese nationals were behind the scheme. One of its co-founders, nicknamed “Kim Jung Un,” is reportedly from South Korea, while another, nicknamed “Leo,” is from Russia.