More than $240 million in gains from PlusToken, an alleged cryptocurrency scheme, was reportedly transferred by way of four Bitcoin (BTC) transactions. Twitter account Whale Alert blew the whistle on the said move.
The account, which is committed to informing the public on large crypto transactions, recently posted that four transactions equaling to 22,923 BTC were probably the revenue of PlusToken.
The transactions were said to have transferred 4,923 BTC, 5,000 BTC, 6,000 BTC, and 7,000 BTC. This all reportedly happened on August 17. However, the monitoring site acknowledged that while there was a good chance the activities were connected to the PlusToken scheme, it remains unconfirmed.
An analysis of cryptocurrency heists revealed that PlusToken might just be the biggest digital currency exit scam to date. An estimated $2.9 billion were said to be lost through this scheme.
According to reports, PlusToken falsely claimed that it could give wallet holders who deposited $500 in digital assets an 8% to 16% return on investment.
Blockchain and crypto forensics firm Ciphertrace says the PlusToken platform is associated with several Chinese citizens and the Chinese police. The company is said to be founded by a South Korean using the name “Kim Jung Un” as an alias and a Russian man only known as “Leo.”
Governments and regulators have been scrambling to safeguard people and investors from such fraudulent activities.
Recently, a US District Court released an emergency freeze order to secure $8 million in digital assets. Several people have been accused of conducting an unregistered and fraudulent initial coin offering in relation to this.