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Those behind the alleged crypto Ponzi scheme PlusToken have started moving $120 million worth of bitcoin to various addresses, in a move believed to be preceding a large-scale selloff.

Over 12,000 bitcoin associated with the alleged cryptocurrency Ponzi scheme PlusToken have been moved to what are believed to be cold wallets.

The $120 million worth of bitcoin were split into around 600 addresses with 5 to 40 BTC in them each. Some speculate those behind the alleged scheme may be looking to hide their tracks on the blockchain to be able to cash out easily.

PlusToken is said to be one of the largest scams (Ponzi) in the cryptocurrency space to date, having allegedly taken nearly $3 billion from cryptocurrency users looking to earn on their investments. The group claimed to have had around 4 million users, and so far six suspects associated with it have been arrested.

It was presented to investors as a South Korean cryptocurrency exchange offering high-yield investment opportunities to its users.

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