Going by the market price today, 10 million ETH is equal to about $2 billion USD. this is the much that PlusToken Ponzi scheme is alleged to have stolen from more than 800,000 people in ETH alone.
The theft of the funds has remained a mystery even when it came to the public limelight, it is not yet known what transpired and the amount of funds that was stolen.
To unravel the mystery, Elemntus decided to follow PlusToken’s activities on Ethereum. Using the Elementus Query Engine, the company was able to come up with various results which it claims can be verified using the Ethereum blockchain.
The company reveals that the data collected shows that PlusToken was able to amass almost 10 million ETH using 100 addresses that can be found in the Ethereum blockchain from approximately 800,000 participants. From the amount raised, about 820,000 ETH is still available in PlusToken’s chain and there have been no funds movement whether in or out from the end of June, 2019.
According to Elementus, approximately 9 million ETH was moved from PlusToken’s wallets to around 248,000 different addresses. The researchers also recognized that only less thousands of the said accounts have the majority of the ETH in volume.
The researchers at Elementus were unable to unearth how many of the large transfers went to users at s. the top of the pyramid scheme as winnings. Similarly, the researchers were unable to unearth the transfers that went to PlusToken insiders disguised as an exit scam in a complex withdrawal trend.
The research also unveiled that most of the funds were sent to different exchanges ut there was an unusually high percentage of 48 percent that was sent to Huobi. The researchers did not identify any connections between the scammers and Huobi exchange but the high amount moved to the exchange raises some questions.