Ponzi-Scheme PlusToken Transactions Blocked By Ethereum Congestion

Ethereum’s block traffic is stopping illicit Ponzi scheme-related funds from successfully moving. According to Whale Alert reports, funds from the notorious Ponzi scheme PlusToken are moving again but are being hindered by congestion on Ethereum’s blockchain.

PlusToken is known as one of the most famous, possibly largest, cryptocurrency scams the blockchain industry has seen to date. The scheme is infamous for having scammed almost $3 billion USD worth of cryptocurrencies such as Bitcoin (BTC) Ethereum (ETH)and EOS out of vulnerable entities before it went bust last year in June.

PlusToken Address Trying To Launder Illegal Funds

The alert shows that a PlusToken Ether (ETH) amount was seen to move to a new address on the blockchain in an attempt to launder the illegal funds. In the recent transaction, the fraudsters moved around  789,500 ETH, valued at approximately $186 million USD at the time of press. This attempt signed more than 50 transactions in a bid to channel the funds across numerous different wallets. Only one of these transactions seems to have been successful, however. The remaining transactions seem to remain hanging in the mempool owing to their low gas fee.

Previous PlusToken Transactions

Two days ago, Whale Alert reported that a wallet with an alleged PlusToken address had moved approximately $67 million USD worth of EOS to an anonymous cryptocurrency wallet which had been created not a day before.

Related Articles

Kenyan parliament committee urges shutdown of Worldcoin

The Kenyan committee’s suggests that the government should shut down Worldcoin and introduce a comprehensive legal framework for digital...

Kraken to expand services to stocks and ETFs

US-based crypto exchange Kraken has announced plans to expand its products with intention to expand globally too.

US government shutdown looms, possibly delaying crypto bills

An impending possible United States government shutdown could spell further delays in the cryptocurrency regulatory legislation.

Binance and CZ fight back with a motion of dismissal

Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.

See All