PlusToken scam recently transacted millions in XRP and EOS

PlusToken scam, which was estimated to have garnered around $2 billion in various cryptocurrencies such as Bitcoin, Ethereum, XRP, EOS, and others, became active again. The scammers-operated wallet, PlusToken, was dormant for months.

Now, however, it seems to be back in business, this time focusing on EOS and Ripple’s XRP.

PlusToken moves millions in EOS and XRP

The new development was reported by the XRPLedger insights platform Xrplorer’s CEO and founder, Thomas Silkjær. According to him, there was some activity tied to an address owned by the PlusToken wallet.

The scammers seem to have moved as much as 20 million XRP coins from the wallet’s address to various exchanges, including Huobi, OKEx, and HBTC.

About a day later, another massive transaction, this time including over 26.3 million EOS tokens ($68 million) took place. This one was sent from the wallet’s address to another, unknown wallet. This transaction was reported by Whale Alert, a Twitter account that tracks notable transactions in the crypto industry.

For now, the funds remain in the unknown wallet, although many in the industry expect that they will soon also find their way to a number of exchanges.

However, there is still a chance that the exchanges will be able to recognize XRP and EOS transactions, even if the scammers attempt to use crypto mixers.

The reason for this is the fact that it is much harder to hide the origins of XRP and EOS, than it would be for BTC and ETH, for example.

If the exchanges and blockchain analyzers manage to keep track of the funds, they could potentially confiscate them and return the funds to the scammers’ victims.

What is PlusToken scam?

As mentioned, this activity within the PlusToken wallet comes after months of silence. The wallet mostly accumulated its funds by scamming crypto users across Asia. Their efforts resulted in billions of dollars worth of coins that were stolen from their rightful owners.

The wallet tricked people by promising large returns on user deposits. However, the scheme was identified in mid-2019, and as many as six participants in the scheme were apprehended by the authorities in Vanuatu.

Even so, not all of them were arrested, as proven by these new transactions, as well as several others that took place after the arrests were made. Those who managed to avoid being caught continued selling hundreds of millions worth of crypto, which also reflected on Bitcoin’s price.