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The shadow work continues for the perpetrators linked to one of the largest Ponzi in the history of cryptocurrencies. The entity behind the PlusToken scam is erasing the traces of 789,533 ethers.
Meticulously monitored transactions
Operating under the pseudonym of Frank Topbottom, a researcher tracks transactions related to the PlusToken scam:
“Right now, the PlusToken mixer has reached a fifth stage and used 4967 addresses. 3813 of them now contain a sum ranging from 2 to 998 ETH. The average sum contained is 140 ETH. This represents colossal amounts, and the mixing is still in progress. ”
Mixing services are used to improve the anonymity of transactions. The purpose of the software is to split digital assets (in this case, Ethereum), then to mix them with other ethers belonging to different users. Tracing is therefore made more difficult for a third party.
An upcoming collapse?
The PlusToken scam is suspected to have been one of the causes of the Bitcoin crash in March 2020. The impact could prove to be similar for Ethereum.
Even if the comparison is somewhat adventurous, the daily volume linked to Ethereum on the reference platform Binance, was equivalent on June 29 to 123 million dollars. At the time of writing, the total amount related to the scam is over $ 179 million. A huge downward pressure could therefore be exerted on the prices of the second digital currency in the days / weeks to come.
As a reminder, the movement of these ethers was relayed by Whale alert on June 24, 2020:
Although essential for the preservation of anonymity, mixing tools are also victims of their efficiency, allowing malicious actors to take advantage of system breaches. Torn between disgust and admiration, the PlusToken scam is still far from having revealed all its secrets.
