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BTC Worth Over $117M Associated With PlusToken Scheme Has Been Moved to Two New Addresses

The amount that has been moved is worth over 12000 BTC and is said to be associated with the crypto Ponzi scheme PlusToken.

The vice president of research at Chinese blockchain security firm PeckShield Chiachih Wu Tweeted today and presented these two new blockchain addresses. These addresses are: “19bMszbozeHyjANgSyM9iyjsZU1sKsR6uM” and “1LT4ae84S8tCsZtrLCcz3Z38DGn1LnZ9op”.

New addresses look like Cold Wallets

Chiachih Wu further said that these two new addresses look like Cold wallets. By cold storage, it means that you are having private keys on a hardware device while being disconnected from the internet.

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According to the Vice president of PeckShield, out of the total moved bitcoins, the first address has over 11,999 bitcoins while the second blockchain address has over 424 bitcoins.

PlusToken scheme is a Crypto Scam

The crypto Ponzi scheme PlusToken is said to be one of the largest crypto scams circulating in the market. This crypto scam scheme has 4 million users. The estimations from blockchain analytics firm CipherTrace show that around $2.9 billion worth of users’ funds have been swindled by this fraudulent scheme.

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Last August, Chinese police officials arrested six suspects that were affiliated with the PlusToken scheme.

Is Huobi exchange involved in PlusToken Scheme?

Two blockchain analytics firms Elementus and Chainalysis have arisen a surprising point in their PlusToken research and have claimed that the crypto exchange Huobi is involved in the PlusToken Scheme.

Chainalysis claims that almost all of the funds had been moved to the addresses of OTC (over the counter) brokers on the Huobi crypto exchange. Also, the Know-your-customer (KYC) requirements were not strict. While the other blockchain analytics firm Elementus found that almost 50% of all PlusToken withdrawals were sent to Huobi which show a strong bias toward this Chinese crypto exchange.

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