The transfer of Ethereum by the Plus Token wallets led to a major uproar on Satoshi Street on Wednesday. However, further investigation shows that the massive ETH transfer isn’t a matter of much concern about future liquidations.
Plus Token Ethereum Sell-Off Isn’t Coming
Yesterday’s report stated that the Plus Token wallets linked to China have moved large quantities of ETH after 3.3 years of dormancy. The crypto market turned a bit jittery expecting major liquidations for ETH moving ahead.
As per the investigation by EmberCN, a total of 789,534 ETH moved to the Bidesk exchange from multiple wallets in the period between June and September 2021. However, as the exchange turned bankrupt by the end of the year, these Ethereum moved to the crypto exchange Huobi. Reportedly, 268,843 ETH were routed to Bidesk via four specific deposit addresses.
The investigation also shows that 12 addresses that received Plus Token-related ETH in the last 30 hours have accumulated 25,757 ETH worth $6
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