China Moves $2 Billion in Seized Ethereum

On Wednesday, Chinese authorities reactivated a substantial amount of Ethereum, previously seized in connection with the Plus Token Ponzi scheme.

This move involves roughly $2 billion worth of ETH, which had been dormant since its seizure in 2021.

The sudden activity involves over 789,000 ETH being transferred from wallets linked to the scam, which had remained inactive since early 2021. This shift was detected a few hours before it became public, raising concerns about potential market effects.

The Ethereum in question was confiscated during a crackdown on Plus Token, a fraudulent scheme that deceived investors. The recent transactions from these wallets have prompted speculation about possible large-scale sell-offs that could impact Ethereum’s market stability.

Additionally, a wallet from Ethereum’s 2014 ICO has been activated after years of inactivity. This wallet, which originally held 500 ETH purchased at $0.31 each, is now worth approximately $1.25 million. The wallet recently conducted a small transfer, possibly indicating test transactions that could influence Ethereum’s price.