At the moment ten million ethereum is worth around 1.8 billion euros. Research firm Elementus writes that this is the amount involved in the PlusToken scam, involving as many as 800,000 victims.
In that respect it is strange that large Dutch media have not surfaced here yet, this is a good time for them to bring down crypto.
Because make no mistake, this ponzi scam is one of the largest ever in cryptocurrency. Elementus found out when they analyzed the blockchain via their Elementus Query Engine.
Elementus came to the following five conclusions:
- PlusToken had almost 10 million ETH from around 800,000 participants at 100 ethereum addresses.
- Of these, 820,000 ETH have been untouched since June.
- The remainder, approximately 9 million ETH, was sent from the PlusToken wallets to 248,000 different recipient addresses.
- It is unclear how many of these large transfers are profit for the “winners” at the top of the pyramid, or are part of the exit strategy of PlusToken employees.
- Most of the ether was sent to exchanges. No less than 48 percent went to Huobi.
9.9 million ether from 800,000 addresses
Elementus bundled the PlusToken trading volume per block number. It is striking that the transactions at block 8,040,000 (27 June) suddenly stop. That is the same day that a large part of the PlusToken team has been arrested.
3 / The #PlusToken scam is alleged to have been ended by #Vanuatu Police on the 27th of June. According to reports in Chinese media on the 1st of July that showed photos of some of the suspects arrested in Vanuatu & the alleged ring leader in China who was reported to be at large. pic.twitter.com/9knaWlSzIa
– DLT Vanuatu (@DLT_Vanuatu) July 14, 2019
Of the 9.9 million ETH, 9.2 million coins have already been sent
Above you can see how much ether PlusToken has sent / recorded per block number. The peak was around 7,700,000, about a month before all the user’s coins were frozen.
Pyramid Game has big winners (but a lot of losers)
The payouts are spread over 248,000 different addresses. But the majority of the volume only comes from a few recipient addresses. Elementus assumes that each address represents one PlusToken participant. In that case you can conclude that 5 million ether has been distributed to a group of 7,000 participants (less than 1 percent of all participants). The top of the pyramid has earned millions.
Exchanges earn well from scam
Above you see all 248,000 ethereal recipient addresses to which PlusToken has sent ether. The names in those circles are all exchanges. Huobi is a Chinese exchange and has received no less than 48 percent of all PlusToken ethers. Elementus does not expect Huobi to play a role in this Ponzi, but they do wonder why Huobi is so popular with PlusToken and its users.
More than just ether
Elementus has only investigated the Ethereum blockchain for the time being and this was already 1.8 billion euros in ether. The size is much larger, PlusToken was also very active with bitcoin, ripple (XRP) and EOS.
PlusToken could just be the biggest crypto pyramid scheme ever. Larger than BitConnect and OneCoin.