Title: Ethereum Price Drops as Chinese Government Sells Seized Coins From Plustoken Scam
Body: The Chinese government has moved a total of 7,000 Ethereum coins, worth $16.7 million, seized from the multi-billion dollar PlusToken Ponzi scheme. This has caused the Ethereum price to dip below $2,400 levels and fall under $2,000 if the Chinese government ultimately sells the remaining 542,000 ETH, worth over $1.3 billion, seized from the scheme.
Analysis by OXT Research has revealed that Ethereum wallets linked to the scam have been moving funds in recent times after staying dormant for almost three years since 2021. The Chinese government’s selling pressure may impact the Ethereum price. If the Chinese government follows through with such a sale, it could send the Ethereum price plummeting under $2,000.