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$270 Million Shiba Inu (SHIB) Moved From Major Exchange, CEO Explains What Happened

Mon, 03/20/2023 - 11:53
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Gamza Khanzadaev
24.9 trillion SHIB moved from major exchange to now fourth largest Shiba Inu holder
$270 Million Shiba Inu (SHIB) Moved From Major Exchange, CEO Explains What Happened
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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 wallet

— Whale Alert (@whale_alert) March 20, 2023

800 Billion Shiba Inu (SHIB) Moved From Shiba Staking Contract, Here's What Happened

The 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.

$5 Million BONE Unstaked, Users Massively Leaving Shiba Inu Ecosystem

As 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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.