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Crypto Whales’ $187M Shopping Spree Sends Shockwaves

Crypto Whales’ $187M Shopping Spree Sends Shockwaves

An influential crypto investor has recently gained attention for accumulating a substantial amount of assets worth more than $180 million across various digital currencies over a short span of time.

Based on insights from Lookonchain, a blockchain-tracking platform, this high-net-worth individual acquired approximately $187 million in cryptocurrencies within a three-day period. The assets obtained encompassed Bitcoin (BTC), Binance Coin (BNB) from the Binance ecosystem, Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), IOST, MATIC, and CHZ tokens.

It’s been observed that this particular investor amassed significant holdings from Binance through three wallets established back in June. The movement of a substantial number of assets out of the exchange during that time suggests the involvement of the same entity behind these wallets.

Additionally, on-chain tracking has detected a considerable influx of USDT stablecoin being generated and directed toward various crypto exchanges.

READ MORE: KyberSwap Vows Compensation After $48.8M Breach

Notably, a significant amount of USDT was minted on both the Ethereum and Tron networks in November.

The flow of this newly minted USDT led to substantial transfers, including approximately 1.5 billion USDT from the Tether Treasury to a whale address (‘0x1dBb’) on Ethereum, followed by its movement to exchanges.

Similarly, on Tron, 2.56 billion USDT was transferred from the Tether Treasury to Kraken via a designated deposit address (‘TQef1n’).

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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