Investors Fear Ethereum Price Sell-Off After PlusToken Transfers 789K ETH

Investors Fear Ethereum Price Sell-Off After PlusToken Transfers 789K ETH

Gate Trade News Saturday, June 27, 2020 27 0

PlusToken recently moved $186 million worth of Ethereum, leading investors to fear a dump in ETH price.

Earlier this week PlusToken, one of the largest scams in the cryptocurrency world, tried to move 789,500 Ether (ETH), but the movement of these stolen funds were temporarily held up by congestion issues within the Ethereum network.

The $186 million transfer came from a known Ethereum address and was later split into 50 different transactions, possibly as an attempt to disguise the activity. 

Whale Alert first spotted the transactions which have since been processed but little information on the funds’ destination has been reported.