In the last hour, PlusToken wallets have moved Ethereum worth nearly $200 million ETH to unknown wallets. This has hit the crypto community by surprise. Once again have been left to wonder if a crash is imminent.
The PlusToken scammers have for months now held BTC, ETH, and EOS token holders hostage. Their stash which was once worth more than $1B is one that could easily tip price movement.
If they were, and they have in the past done, dump their tokens on the market, they crash it. This is because they saturate ut with oversupply and little demand.
Since they moved their stash a few hours ago, ETH holders have been waiting to see if the stash will be going to exchanges from where they can be sold. If this is confirmed, we can expect panic selling and a flash crash.
Since the announcement, there has been some panic selling with ETH dropping below its local $235 support after shedding 4%.
But since the stash has yet to make way to an exchange, a full sell-off is yet to be confirmed. ETH is still looking stable and trading just above $230 which is key to its upward ambitions.
ETH Reaction To Set Trend
Other coins including Bitcoin are in the red but holding up relatively better than ETH. Although the recent development only affects ETH, as a top 3 coin, its immediate reaction and set trend is likely to be followed by the wider market.
In the next few hours and indeed days, the market will be nervy with most expecting the ball to be dropped. While it is likely that this stash will make it to the market, it is unlikely that the scammers will do it now as their accounts are still heavily monitored. With some believing that the scammers might just be caught.
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