CDS Crypto News Breaking: Binance Labs and Coinbase Engineer Liquidating Altcoins – Investor Beware!
Crypto News

Breaking: Binance Labs and Coinbase Engineer Liquidating Altcoins – Investor Beware!

Binance Labs is recognized for its investments in blockchain projects. It's been said that they've started divesting GMT tokens, which serve as the governance token for the STEPN app.

47
Breaking: Binance Labs and Coinbase Engineer Liquidating Altcoins - Investor Beware!

Crypto News- Spot On Chain, an insightful on-chain analytics platform, recently made a revealing observation: Binance Labs’ wallet, identified by the address 0x2e5, initiated a hefty movement of 9.33 million GMT tokens, totaling a substantial $3.14 million, to a Binance deposit address. With a remaining stash of around 9 million GMT tokens, questions abound regarding Binance Labs’ strategy behind these maneuvers.

Breaking: Binance Labs and Coinbase Engineer Liquidating Altcoins – Investor Beware!

It appears that Binance Labs, a notable backer of STEPN, purportedly vested approximately 37.1 million GMT tokens since July 2023, initially valued at around $0.24 each. Following this, they transferred 28.1 million GMT tokens to Binance, valuing them at approximately $0.23 per token, as outlined by Spot On Chain.

Adding to the intrigue, the GMT tokens found their way to Binance Labs’ address from an enigmatic wallet, 0xf3c, starting from July 2023, only to be sent subsequently to the Binance deposit address. BeInCrypto diligently reached out to Binance Labs for elucidation, yet responses remain elusive.

GMT Price Takes a Dive: Market Reacts to Binance Labs’ Token Transactions

The market, as expected, has reacted to these transactions. The price of GMT witnessed a downward trend, plummeting by over 4% within a 24-hour window post-transfer.

However, it’s paramount to acknowledge the nuanced nature of market dynamics. Singular actions, such as those by Binance Labs, should not be perceived as the sole instigator of price fluctuations.

Max Blaushild Under Scrutiny: Alleged Transfer of 19.7M Dollars UNI Tokens to Coinbase Prime Sparks Controversy

In a separate development, suspicions arose around Max Blaushild, allegedly a former senior software engineer at Coinbase, as he purportedly orchestrated the transfer of 1.6 million Uniswap (UNI) tokens, valued at a staggering $19.7 million, to Coinbase Prime. These UNI tokens were reportedly freed from the Uniswap treasury back in September 2020.

Following this revelation, UNI’s valuation took a hit, experiencing a nearly 6% decline. Nevertheless, it’s crucial to grasp that these individual maneuvers are mere cogs in the broader market machinery. Recent fluctuations in Bitcoin, which dipped below $67,000, triggered over $500 million in market liquidations.

Consequently, the entire altcoin realm felt the reverberations of Bitcoin’s movements, with the total cryptocurrency market capitalization shrinking by 6.1% to $2.63 trillion. These developments underscore the intricate interplay between individual actions and overarching market trends.

Breaking: Binance Labs and Coinbase Engineer Liquidating Altcoins - Investor Beware!

Leave a comment

Leave a Reply

Related Articles

19 April Crypto News- What Happened Crypto Markets Today

Stay in the loop with the latest in crypto! Get the scoop...

BTC vs. ETH Fees: Reasons Why Bitcoin Fees Have Soared in the Last 24 Hours

Bitcoin took the lead in the BTC vs. ETH fees battle.

BTC Halving 2024: Bitwise CEO Anticipates Bitcoin’s Price Rallying to 100K Dollars

Bitwise CEO Hunter Horsley revealed that a number of RIAs and multi-family...

Google Platform Exploited by Scammers to Push Phishing Site

The perpetrators have allegedly registered numerous domains mimicking Whales Market.