The alleged Plus Token Scam now owns one of the 10 richest Ethereum addresses. The latest information provides information on the disguise tactics of the former Initial Coin Offering (ICO).
The alleged Plus Token Scam has caused excitement in the Bitcoin scene in the past. As we reported in July, there is evidence that Plus Token operators have disappeared with a total of $ 3 billion. While investors continued to complain about the disappearance of funds, the operators insisted on server problems.
What does Plus Token do with the coins?
Longhash’s blockchain analysis team analyzed two email addresses associated with the plus token operators in October to track the whereabouts of the associated ether. Accordingly, both addresses had a total of 800,000 ETH – at the current ether course a good 112.8 million US dollars. As Longhash reported, the first of the two wallets still contains more than 789,000 ethers. However, the second wallet, which had contained over 20,000 ETH, has apparently been emptied.
According to this information, the PlusToken team distributed the tokens to 4,592 addresses in 7,722 transactions. The team apparently proceeded in phases. After a first transfer of 20,008 ETH (phase 1), the team divided the tokens into 199 addresses (phase 2). In a third phase, the operators split the ETH into additional addresses. In the last phase, the tokens were then merged again – in some wallets in which the tokens are still to this day. The Longhash team identified 237 of these “endpoint wallets”, each containing 10-100 ETH. Longhash now suspects that this – you might be reminded of Monero’s ring signatures (XMR) – is a cover-up tactic. By sending the ether tokens in a roundabout way – so the idea that Longhash suspects – is supposed to disguise the ways of the coins.
Plus Token is one of the richest Ethereum addresses
As can be seen from data from etherscan, the second of the analyzed addresses ranks 9th among the richest Ethereum addresses in cryptoversum. The address at number 1 can be assigned wrapped ether – a token form that appears in the MakerDAO context, among other things. The other addresses are assigned to the crypto exchanges Binance, Bitfinex, Kraken, Huobi, Gemini and Bittrex.
Despite the concerns that the connection between the alleged scam and the accumulation of this sheer amount of ether may trigger, the good news for the time being: Apparently none of the wallets is connected to a Bitcoin exchange, probably none of the missing ether tokens has been cashed out so far , The second of the two Plus Token ether wallets has also made little difference so far, theoretically, the ether tokens are still there.
According to media reports, the first suspects were arrested in June 2019. According to the South China Morning Post, Chinese authorities have detained a total of six Chinese citizens.