Independent analysts have debunked a recent social media post claiming that “hundreds of dormant wallets” linked to the multibillion-dollar crypto scam Token Plus had begun shifting nearly $2 billion in Ether.
In a now-deleted Aug. 6 post to X, blockchain analytics service Lookonchain initially claimed that wallets linked to TokenPlus had begun shifting some 789,533 ETH — worth $1.8 billion at current prices.
As it turns out, the amount may have been much lower than initially stated.
A follow-up investigation from Chinese crypto data account EmberCN argues that Lookonchain’s original post was incorrect. It noted that most of the ETH had already been sold in 2021.
In an Aug. 7 post to X, EmberCN wrote that “most” of the 789,500 ETH Lookonchain was referring to had already been sent to the British Virgin Islands-based crypto exchange Bidesk between June and September 2021.
EmberCN added that they had tracked down “about 12 addresses” linked to Plus Token and concluded that only an estimated 25,757 ETH — worth $63.1 million had actually been transferred in the last 24 hours.
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Lookonchain deleted its original post and is yet to publish an official clarification or retraction of the original information.
Blockchain analytics platform Arkham Intelligence also made its own post concerning the movement of the PlusToken-linked ETH transfers, saying that Token Plus-linked wallets had been moving $464.7 million worth of ETH in the last 24 hours.
Arkham explained that the roughly 789,500 ETH moved by Plus Token wallets in mid-2020 was worth $191 million at the time, but would be worth $1.9 billion at current prices.
Cointelegraph contacted Arkham Intelligence but did not receive a response by the time of publication.
Plus Token — once a Chinese crypto wallet app that operated between 2018 and 2019 — is one of the largest-ever alleged crypto Ponzi schemes. Investigators found that its investors were defrauded out of up to $2.9 billion.
Chinese police detained six people involved in the Plus Token project in Vanuatu in July 2019 and extradited them to mainland China to face criminal charges.
One of the main ringleaders of the Plus Token project — an individual known only as Zhou — is set to face criminal charges in China, according to local media reports from 2020.
Update (11:14pm, Aug. 8): This article has been updated to include adjusted figures from Arkham Intelligence.
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