More than 24.9 trillion Shiba Inu tokens have been moved from CryptoCom, a major crypto exchange, to an unknown wallet, according to reports by Whale Alert. The moved volume, equivalent to $270 million, represented 4.22% of SHIB's circulating supply and 46% of the exchange's total reserves in that token.
🚨 🚨 4,156,580,418,372 #SHIB (45,173,715 USD) transferred from #CryptoCom to unknown wallethttps://t.co/FYprB6v2A7
— Whale Alert (@whale_alert) March 20, 2023
Yuri MolchanThe explanation for the mass outflow of Shiba Inu tokens from one of the largest crypto exchanges to unknown addresses was found in a tweet this morning from its head and CEO, Chris Marszalek.
According to the official, standard custody operations are being conducted on CryptoCom to ensure the safety and security of the funds, part of which was the movement of trillions of SHIB. The conducted activities should not affect exchange clients, says its head, and soon there will be an update on CryptoCom assets. There is no reason to spread fear, uncertainty and doubt, Marszalek concluded.
Arman ShirinyanAs a result of the transfers, the address, which received 24.9 trillion SHIB, became the fourth largest holder of Shiba Inu tokens, according to Etherscan. Ahead of it are only two hot wallets of another major exchange, Binance. The first place, however, is after the dead address dedicated to SHIB burning. It now holds 410.34 trillion Shiba Inu tokens.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Valeria Blokhina
Dan Burgin
Vladislav Sopov