Jump Trading has executed significant transactions involving substantial amounts of Ethereum and its wrapped counterpart, wstETH. Renowned crypto journalist Colin Wu revealed through Wu Blockchain X post that the firm transferred 11,500 ETH (valued at $28.9 million) to a centralized exchange (CEX) address for redemption on August 4, 2024.
Additionally, Jump Trading moved 16,210 wstETH (worth $47.92 million) to continue its redemption efforts. The firm currently holds 21,394 wstETH, valued at $63.33 million, pending redemption. The renowned analytical platform Lookonchain corroborated Wu’s report, indicating that Jump Trading has resumed its ETH sales. The firm claimed 11,501 ETH ($29.11 million) from Lido and redirected it for sale.
Following this, Jump Trading applied to redeem another 19,049 ETH (valued at $48.22 million), preparing for further sales. The company still holds 21,394 wstETH, approximately $63.6 million in value, marking a significant position in the market.
Lookonchain also disclosed a startling resurgence of activity from dormant wallets, which had been inactive for over 3.3 years. These wallets collectively moved around 789,533 ETH, amounting to $2 billion. On-chain tracking traced these funds to the infamous wallet “Plus Token Ponzi 2,” sparking concerns and speculation within the crypto community. However, Lookonchain’s post is unavailable at present.
The Plus Token Ponzi 2 wallet dispersed 789,533 ETH to thousands of addresses in 2020 and had remained inactive since April 2021. This dormant period ended abruptly as these wallets began transferring ETH again few hours ago.
Bybit Expands Services to Overseas Chinese Users Despite Crypto BanInitially, Chinese authorities seized these funds during a crackdown on the PlusToken Ponzi scheme, a significant operation that confiscated several crypto assets. According to a recent report, the PlusToken crackdown led to the seizure of a vast array of digital assets. Among the assets confiscated were 194,775 BTC valued at $11.2 billion, 833,083 ETH worth $2.11 billion, and 487 million XRP valued at $252 million.
Additionally, authorities seized 79,581 BCH worth $25.8 million, 1.4 million LTC worth $82.3 million, 27.6 million EOS worth $12.7 million, and 74,167 DASH worth $1.7 million. The haul also included 6 billion DOGE worth $609 million and 213,724 USDT.
As Jump Trading continues its strategic transactions and previously dormant wallets spring back to life, the crypto market stands at a critical juncture. The implications of these moves are yet to be fully understood, but they underscore the cryptocurrency landscape’s dynamic and often unpredictable nature.
