In recent on-chain developments, it has been observed that DWF Labs, as well as Tron founder Justin Sunn, are transferring a significant amount of altcoins to various exchanges. These transfers have raised concerns among investors, as they could potentially impact the prices of the tokens involved.
According to data shared by LookIntoChain, DWF Labs has recently deposited substantial quantities of several altcoins onto exchanges. Notable among them is 4.25 million CEEK ($227,000), 300 million LABS ($171,000), 40 million POND ($272,000), 6,250 TIME ($115,000), 298,000 SIMP ($1,585), 1.54 million UNO ($66,585), 2.5 million IXS ($42,575), 438,000 DFYN ($12,721), 500,000 GF ($28,757), 7.26 million TOKO ($8,587), 50 million APM ($457,000), and 40,000 Auction ($151,000).
In addition, well-known entrepreneur Justin Sun made a noteworthy transaction by withdrawing 20 million USDT from Aave and subsequently depositing the same amount to Binance. The reasons behind this move remain unclear.
Curvi.fi’s transfers
Furthermore, the founder of Curve.fi, a prominent decentralized exchange protocol, has been consistently depositing and borrowing various cryptocurrencies. The latest report reveals that the founder deposited a significant amount of CRV tokens, accounting for approximately 34% of the circulating supply, on Aave. In return, they borrowed $65 million worth of USDT and USDC.
Detailed analysis of the transferred USDT and USDC reveals that 37.7 million USDT found its way to Bitfinex, while 51 million USDC was transferred to Wintermute Trading. Additionally, during the depegging of USDC, approximately 14.2 million USDT was utilized to purchase ETH and USDC.
Moreover, it has been noted that the Curve.fi founder has been consistently transferring USDT, with 31 million USDT being sent to Bitfinex between April 10th and April 14th, coinciding with a rise in the price of Bitcoin above $30,000. Additionally, from June to September 2021, the founder transferred 4.74 million USDT to the address “0xb10f” primarily for providing liquidity on Curve.fi.
The ongoing transfers of altcoins by DWF Labs and the activities of the Curve.fi founder has raised concerns among investors and may potentially impact the market prices of the tokens involved. Market participants are advised to closely monitor these developments and exercise caution when trading or holding these tokens to mitigate any potential risks associated with price fluctuations.
