PlusToken scam scheme mixes $117 million in Ethereum
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Answer PlusToken scam scheme mixes $117 million in Ethereum
The PlusToken scam scheme is one of the biggest fraud schemes in the crypto market, some of the gang that operated the scheme have been arrested, while others are on the run and it looks like they are looking for how to use the money collected from the victims of the scheme.
It recently emerged in a report that thieves and scheme operators are working hard to hide a large batch of stolen Ethereum (ETH).
According For one researcher who goes by the pseudonym “Frank,” the operators of the $2.9 billion PlusToken scheme have started moving their holdings as they spin their Ethereum cache through the mixers.
As Frank stated:
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At the moment, the PlusToken mixer has made five leaps and used 4,996 addresses for this.
3,813 of them now have a balance containing between 2 and 998 ETH.
On average, there are 140 ETH on these addresses now.
These are very large sums, so we can expect the blending to continue.
Mixing makes cryptocurrency transactions more confidential and difficult to trace by mixing one user’s cryptocurrency with a group of other cryptocurrencies and then sending smaller units to separate the destination of the wallet.
The process is designed to give privacy to legitimate crypto users, but it can also allow bad parties to exploit these mixers.
According to Frank, Ethereum linked to the PlusToken scheme has already gone through a mixer five times while using nearly 5,000 addresses to send smaller units of the coin.
Frank says that there are 3,813 addresses currently storing an average of 140 ETH, which means that the scammers are trying to transfer 533820 ETH worth $117.4 million.
The crypto researcher expects the mixing to continue, noting that criminals are planning to use more wallets containing a handful of Ethereum so they can liquidate their holdings through the exchanges without raising suspicion.
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Read also:
What are the details of the fraudulent Ponzi scheme known as the PlusToken project?
PlusToken fraud scheme has laundered over $1.3 billion in Bitcoin
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