Ethereum: USD/ETH (ETH=) holders prepare for $105 million PlusToken dump

Ethereum: USD/ETH (ETH=) holders prepare for $105 million PlusToken dump

Twitter account ‘Whale Alerts’ posted a tweet this morning alerting Ethereum holders that more than $105 million worth of ETH has been moved by PlusToken scammers.

PlusToken, which pulled an exit scam earlier this year with an estimated $2.9 billion of users’ funds, is speculated to be behind the recent immense sell-off pressure for Bitcoin and Ethereum.

Although six PlusToken fraudsters were arrested and brought to justice in China recently, it’s believed many are still at large and maintain access to the Ponzi scheme’s cryptocurrency wallets.

Earlier this week, Coin Rivet reported that blockchain research group Chainalysis had attributed Monday’s huge BTC sell-off to PlusToken scammers dumping Bitcoin.

It’s estimated that the group still has 20,000 BTC to dump, and scammers have been using cryptocurrency mixers and OTC trading desks associated with Huobi to sell the stolen funds.

However, the research group also found that much of PlusToken’s Ether – an estimated 800,000 ETH – remains unmoved. Only 10,000 ETH has been sold off to date.

It now seems that this ETH is on the move, with 789,525 of the funds shifted to an unknown wallet, according to Whale Alert.

As the markets have already seen immense volatility this week, the threat of a fresh sell-off of this magnitude could cause mass panic selling among Ethereum holders.

Have the scammers identified themselves?

In what appears to be an even stranger turn of events, the PlusToken scammers have seemingly revealed themselves on Twitter, explaining their token transactions.

According to Matthew Graham, CEO at Sino Global Capital, the scammers released a video in Mandarin showing the source of the funds, where they’re moving them, and why.

Graham shared that it’s unclear at this point whether those behind the video are part of the original PlusToken Ponzi team or if it’s been produced by affiliates of the scam.

The destination Ethereum address for the stolen funds is a fresh address never used for transactions before.

The address has since been flagged by Etherscan as a ‘PlusToken Ponzi scam’ address, and the explorer urges users to exercise caution if they interact with the wallet.

The post Ethereum holders prepare for $105 million PlusToken dump appeared first on Coin Rivet.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 159.62.

The projected upper bound is: 138.04.

The projected lower bound is: 112.56.

The projected closing price is: 125.30.


A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 41.8724. This is not an overbought or oversold reading. The last signal was a buy 15 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 30.44. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 2 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -107.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 24 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -0.750 at 126.400. Volume was 75% below average (consolidating) and Bollinger Bands were 17% narrower than normal.

Open     High      Low     Close     Volume___
127.160 129.220 125.660 126.400 15,365
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 135.75 160.63 201.61
Volatility: 74 53 77
Volume: 58,388 57,149 65,383

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.


FOREX ETH= is currently 37.3% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume out of ETH= (mildly bearish). Our trend forecasting oscillators are currently bearish on ETH= and have had this outlook for the last 30 periods.

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