PlusToken scammers could be behind the recent pump; moves $100m in Ether

After hitting a low of $116.70, Ether quickly recovered surging over 15 percent.

The sudden $18 jump got Ether to test a key resistance level.

The price barrier was able to contain ETH from advancing further.

Interestingly enough, Matthew Graham, the CEO of Sino Global Capital, shared a bizarre video in which someone allegedly connected to PlusToken explains the transfer and frames it as "Good news." Although the reason behind this transaction is unknown, many argue that it could lead to market manipulation.

Plustoken scammers trying to explain away their token transactions, the brazenness is really incredible pic.

Along the same lines, Chainalysis recently published a report claiming that the PusToken scammers could be driving the market down.

The blockchain analytics firm was able to track the ETH that went from scam victims to PlusToken wallets.

The on-chain analysis determined that PlusToken received roughly 6.4 million Ether.

Even though some of those funds were paid out to early investors, Chainalysis maintains that at least 800,000 ETH were kept by the scammers.

"We've tracked roughly 800,000 ETH and 45,000 BTC we can definitively say the scammers transferred to their own addresses to launder. They've cashed out at least 10,000 of that initial 800,000 ETH, while the other 790,000 has been sitting untouched in a single Ethereum wallet for months."