Leap Crypto, a division of Leap Buying and selling Group, has unstaked round $410 million value of Wrapped stETH (wstETH) and despatched it to main exchanges corresponding to Binance, Coinbase, OKX, and Bybit.
The motion started on July 24, a day after spot Ether exchange-traded funds (ETFs) began buying and selling within the US.
Based on Arkham information, Leap Crypto nonetheless holds practically $97 million value of wstETH.
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Leap Crypto has additionally transferred different cryptocurrencies like Tether (USDT), USD Coin (USDC), Uniswap (UNI), and Shiba Inu (SHIB) to numerous crypto exchanges.
There may be rising hypothesis that Leap Crypto would possibly unload lots of of tens of millions in digital belongings, a transfer broadly criticized by the crypto neighborhood for its timing. Blockchain investigator, often known as Wazz on X, mentioned:
Leap has been transferring cash relentlessly for at the very least 22 hours straight. Which means they have folks to work shifts dumping their books on an illiquid weekend following the worst inventory market day in years. It is a acutely aware choice to inflict the utmost quantity of ache. [REDACTED]
Adam Cochran, founding father of the enterprise capital agency Cinneamhain Ventures, additionally criticized the scenario, saying it exemplifies the dysfunction inside Leap Crypto’s operations.
General, the huge switch of funds has sparked intense hypothesis and criticism, with many questioning the agency’s motives and the potential impression on the crypto market.
In different information, the US authorities has just lately moved $2 billion value of Bitcoin.
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