$105 Million dollars worth of Ether (ETH) have been moved in what is suspected funds from the infamous PlusToken scam. On December 19th ETH’s price suffered immense new selling pressure. This was the result of traders becoming worried following a huge Ether wallet transaction valuing $105 Million, associated with the PlusToken scam.

The Twitter-based monitoring service Whale Alert, showed a single movement of 789,525 ETH (about $105.1 million). The transaction occurred early Thursday, showing the ETH funds moved between a known PlusToken wallet and an unknown wallet.

Huge PlusToken transaction makes traders bearish on ETH

PlusToken has claimed the title of being one of the world’s largest ponzi schemes. With the price of each token hitting a high of near $350 before it came crashing down. While PlusToken was operating, its Chinese operators stole an estimated $3 billion worth of Bitcoin (BTC) and ETH from unknowing investors in PlusToken coins.

Although several executives of PlusToken have been arrested, recent activity shows that at least one individual still has access to the scam’s BTC and ETH wallets.

Alex Krueger an analyst warned that the consequences for the Ether price could be severe following this move. Followed by telling his Twitter followers: “Heads up,” referring to PlusToken.

In the past months suspicions had already risen in regards to PlusToken’s impact on Bitcoin. Last month research firm Chainalysis released a report suggesting the scammers may be using over-the-counter (OTC) off-ramps to sell a mass amount of BTC. Which could lead to the price driving down. Specifically, noting Huobi’s OTC exchange, which could serve as a platform for these illicit transactions.

Chainalysis made the conclusions:

“Unfortunately, because it’s not possible to distinguish between trades made by OTC brokers in possession of PlusToken funds and all other trades made on Huobi, we can’t say for sure that PlusToken cashouts caused Bitcoin’s price to drop,”.

“However, we can say that those cashouts cause increased volatility in Bitcoin’s price, and that they correlate significantly with Bitcoin price drops.”

Ethereum has “reached the absurd”

While both BTC and ETH have fallen in value against the USD in recent weeks, Ether faces additional difficulties. Critics came out this week against a decision to implement a second hard fork on Ethereum in under a month. Stating it would disillusion nodes, which could cause chaos within the network.

Udi Wertheimer a pro-Bitcoin commentator gave his opinion on the PlusToken and Ethereum subject on Monday: “When your ‘decentralized’ network moves to a non-emergency schedule of one hard fork every 3 weeks, you’ve reached the absurd,”.

Concluding: “You jumped the shark. There’s really no excuse to this and people should be talking about it.”

