Massive $1.3 Billion ETH Transfer Linked to Plustoken Scam Raises Alarm Bells

On October 10, a notable surge in the movement of Ethereum (ETH) tokens linked to the notorious Plustoken scam was reported. Renowned on-chain analyst @ErgoBTC highlighted that approximately 15,700 ETH, valued at around $1.3 billion, was transferred from identified wallets. Notably, over 7,000 ETH of this volume was dispatched directly to exchange deposit addresses. This transaction bears a striking resemblance to the behavioral patterns seen in Bitcoin (BTC) during 2019 and 2020, raising significant concerns among investors. Analyst @ErgoBTC has pointed out that this substantial amount of ETH could potentially be liquidated entirely in the future, which may influence market dynamics considerably. Such trends warrant close monitoring as they could signify upcoming market shifts and investor strategies in the cryptocurrency landscape.