tl;dr
Several Ethereum wallets, dormant for over three years, have become active and moved a large amount of ETH, which was seized by Chinese police in 2021. The movement suggests a potential dump of ETH and other cryptocurrencies in the near future. The wallets transferred 789,533 ETH, valued at approxim...
Chinese police have seized dormant Ethereum wallets linked to the Plus Token Ponzi scheme, raising concerns of a potential $2 billion crypto dump.
The confiscated cryptocurrencies include 833,083 Ethereum (ETH) and 194,775 Bitcoin (BTC) as part of a crackdown on the massive Ponzi scheme. Chinese authorities are reallocating the confiscated crypto assets amidst increased market volatility, closely monitored by the global crypto community.
Several Ethereum wallets, dormant for over three years, have become active and moved a large amount of ETH, which was seized by Chinese police in 2021. The movement suggests a potential dump of ETH and other cryptocurrencies in the near future. The wallets transferred 789,533 ETH, valued at approximately $2 billion, originating from a wallet associated with the Plus Token Ponzi scheme. The sudden activity has led to speculations of scammers tampering with the seized crypto assets, prompting monitoring by the crypto community. Additionally, the Chinese authorities confiscated significant amounts of other cryptocurrencies, and the next steps regarding the remaining seized assets, including Bitcoin and XRP, remain uncertain. The market experienced increased volatility, with large transfers potentially influencing prices. As a result, Ethereum lost hold on the $2,500 level, falling to $2,400, and facing pressure from Jump Trading's $30 million ETH selloff. ETH's market capitalization and 24-hour trading volume also decreased.
Blockchain analytics firm Lookonchain noted that these wallets have transferred a staggering 789,533 ETH, valued at approximately $2 billion. On-chain tracking revealed that the funds originated from a wallet associated with the notorious Plus Token Ponzi scheme, dubbed “Plus Token Ponzi 2.” This wallet had distributed the vast sum of ETH to numerous addresses in 2020, remaining inactive since April 2021, according to EtherScan data. The sudden activity was detected about four hours ago, with the wallets commencing the transfer of ETH. However, these transfers also led to speculations of scammers tampering with the Ether reserve held with Chinese police. Currently, since there is no confirmation, it is believed that the Chinese government has initiated action towards the seized crypto assets. The Plus Token scam was one of the largest crypto Ponzi schemes in history. It saw the Chinese authorities seize an immense amount of digital assets during their crackdown.
The confiscated cryptocurrencies included 194,775 Bitcoin (BTC) valued at $11.2 billion, 833,083 Ethereum (ETH) worth $2.11 billion. The operation began in 2018 and advertised a crypto arbitrage trading platform that did not exist. The aftermath of the pyramid scheme led to the luring of over 2.6 million users and the conviction of over 15 people in sentences ranging from 2 to 11 years. In addition to the large amounts of Bitcoin and Ether seized, the authorities also confiscated significant amounts of other cryptocurrencies, including XRP, Bitcoin Cash, Litecoin, EOS, DASH, Dogecoin, and Tether. The reallocation of these funds comes at a time when the crypto market is experiencing increased volatility amid geopolitical tensions and recession concerns.
The next steps by the Chinese authorities regarding the remaining seized assets, including Bitcoin and XRP, remain uncertain. As of writing, Ethereum lost hold on the $2,500 level. The ETH price fell to $2,400 on Wednesday, August 7, a 4% decline from the 24-hour high of $2,551.56. Moreover, Jump Trading’s $30 million ETH selloff also added to the pressure. During the decline, ETH’s market capitalization and 24-hour trading volume had dipped by 4.80% and 22.85% respectively to $288.42 billion and $23.41 billion.
More about
Technical Analysis Report: Navigating Market Trends
In the current market, the S&P 500 index has exhibited a strong bullish trend, with the RSI indicating overbought conditions. This suggests potential for a short-term pullback. The index is approaching a key resistance level at 3,000, where a breakout could signal further upside potential.
The stock of XYZ Company has formed a classic head and shoulders pattern, indicating a potential trend reversal. The neckline support at $150 is crucial, and a breakdown below this level could lead to further downside.
The moving average convergence divergence (MACD) indicator for the technology sector ETF is showing signs of a bearish crossover, hinting at possible downward movement. However, the long-term support at $100 presents a critical level to monitor for a potential trend reversal.
Gold futures have established a strong support level at $1,800, indicating a bullish trend. The RSI is approaching overbought territory, suggesting a potential consolidation phase in the near term.
Overall, while bullish momentum persists in the broader market, it's essential to remain cautious of overextended conditions and key support levels. Technical indicators provide valuable insights, but prudent risk management remains paramount in navigating market fluctuations.
More about Banco De Chile
Banco De Chile, Banco de Chile, provides banking and financial products and services to clients in Chile. The company is headquartered in Santiago, Chile.
Industry: FINANCE, COMMERCIAL BANKS
Sector: NEC
Market Cap: 11858396000
Current Price: 7.9
EPS: 8.08
P/E Ratio: 2.9
Volume: 5702.8
Dividend Yield: 0.485
Market Cap (in currency): 2880381125000
Stock Price Change: 25.07
Change Percentage: -0.027
Change Ratio: -0.007
More about LTC Properties Inc
LTC Properties Inc (LTC) is a real estate investment trust (REIT) that invests in senior housing and healthcare properties primarily through back-lease sales, mortgage financing, joint ventures, and structured finance solutions including preferred equity and mezzanine loans.
Sector: Real Estate & Construction
Industry: Real Estate Investment Trusts
Timestamp: 1563512000
Current Price: $16.27
Price Change: 2.28
Percentage Change: 2.21%
Market Cap: 4.643 billion
EPS: 0.479
Volume: 196,069,000
P/E Ratio: 33.5
Dividend Yield: 2.003%
Beta: 0.024