After the German Government's "nightmare", the investor community may be in for another "dark" day as PlusToken and Jump Trading move to liquidate ETH.

Updated on the evening of August 7, 2024:

According to analysis by the EmberCN account, most of PlusToken's ETH was sold on the Huobi exchange between June and September 2021, with the remaining amount being only 25,757 ETH (63 million USD). Therefore, this account concluded that PlusToken's ETH selling pressure is not as much as people think.

Lookonchain has also deleted the original post announcing the cash flow from PlusToken.

Original article:

As we know, the global financial market in general and the crypto sector in the recent "dark" days have swept away more than 1 billion USD in liquidation, causing investors around the world to be devastated.

Today, August 7, we witnessed Bitcoin price gradually recovering to 57,000 USD along with a report recording the Ethereum ETF having the second consecutive day of high inflow.

It seemed that the investor community could "breathe a sigh of relief" after days of panic, but recently there was some not-so-positive information that could lead to the next series of "dark" days.

According to Lookonchain, on the afternoon of August 7, a series of ETH addresses transferred nearly 2,880 ETH (worth 7 million USD) to a new address. It is worth noting that these addresses are in the wallet cluster that PlusToken distributed ETH to in 2020, with a total value of 789,533 Ether. All of this Ethereum is related to the PlusToken scam project, which has been under the management of the Chinese Police since November 2020 after the case was busted.

However, the above figure is only a part of the total crypto assets worth more than 14 billion USD including 194,775 BTC (11.2 billion USD) - 833,083 ETH - 1.4 million LTC - 27.6 million EOS - 74,167 DASH - 487 million XRP - 6 billion DOGE - 79,581 BCH - and 213,724 USDT that were confiscated by Chinese authorities from 7 subjects in the crackdown on the PlusToken ponzi scheme in 2020.

The above information has somewhat caused public confusion when the investor community has just experienced the "nightmare" of the German Government selling Bitcoin to earn 2.9 billion USD for less than 1 month, but now it is likely to welcome a "storm" many times larger than 14 billion USD from the Chinese Police. More worryingly, in addition to the macro impact from the US stock market and the risk of rekindling conflicts in the Middle East, the scary information behind the latest correction of the crypto market is the rumor that the Jump Crypto fund is liquidating assets.

According to statistics, since July 25, just 2 days after the Ethereum ETF started trading, Jump has converted up to 500 million USD of Lido's stETH tokens back to ETH, then sent 200 million USD of Ethereum to the exchange with a high possibility of selling.

Today, August 7, they also continued to sell 11,501 ETH (worth about 29.11 million USD) unstaked from the Lido platform. They have even redeemed 19,049 ETH (worth 48.22 million USD) and are in the process of preparing to liquidate. There are still 21,394 wrapped staked Ethereum (wstETH) worth about $63 million in Jump Trading's wallet waiting to be "sold".

ETH prices have not yet reacted much to the unexpected coin movements of PlusToken and Jump.

So after the "nightmare" of the German Government, it can be said that the crypto investment community should prepare "steel spirit" to be ready for the storm of selling large amounts of cryptocurrencies in the near future including:

• 203,239 BTC and nearly $400 million of altcoins with a total value of more than $12 billion from the US Government.
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• The amount of 46,164 Bitcoin worth $2.64 billion is in the hands of the "ghost" Mt. Gox waiting to serve the debt repayment work.
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• $14 billion of crypto assets including Bitcoin and Ethereum under the management of Chinese Police confiscated from the PlusToken ponzi project.
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• 21,394 wrapped staked Ethereum (wstETH) worth about $63 million in Jump Trading's wallet.
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• About $3 billion worth of Bitcoin is in the hands of governments around the world.