$276M Shiba Inu Moved By Mystery Whale From Exchange To Self Custody

Nearly 25 trillion Shiba Inu SHIB/USD tokens, worth a quarter of a billion dollars, have been securely moved off one of the crypto exchanges and placed in cold storage, according to new on-chain data.

What Happened: According to crypto analytics firm Santiment, 24.9 trillion SHIB tokens were transferred into a self-custody wallet from Crypto.com exchange in over 6 transactions by an unknown Ethereum ETH/USD address.

🙀 $276M worth of #ShibaInu has been transferred from an exchange wallet to self custody wallet in 6 separate transfers today. This address has also been quickly accumulating #Ethereum since March 1st, possessing 992 $ETH alongside its now 24.94T $SHIB. https://t.co/7i0ua0pDIF pic.twitter.com/PfVUsXeHqc

— Santiment (@santimentfeed) March 20, 2023

The mysterious whale has been stockpiling ETH since March, Santiment said. The new address now holds the third-largest concentration of Shiba Inu tokens in the world.

The whale has also been rapidly accumulating ETH since the beginning of March, according to Santiment.

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It appears that Crypto.com is either segregating its SHIB tokens to a new wallet or alternatively, a large holder (whale) is transferring their tokens. The exact nature of the transaction remains unclear.

Kris Marszalek, CEO of Crypto.com tweeted, “As part of our usual custody operations to ensure continued safety and security, we will be rebalancing several assets across new addresses.”

Price Action: At the time of writing, SHIB was trading at $0.000010, down 0.82% in the last 24 hours, according to Benzinga Pro.

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