Abraxas Capital Withdraws $10.8 Million in ETH from Compound and Deposits into Kraken
CryptoNewsTerminal Staff20 May, 2024
Abraxas Capital Withdraws $10.8 Million in ETH from Compound and Deposits into Kraken
According to on-chain analyst @ai_9684xtpa via Twitter, Abraxas Capital, a crypto investment firm, recently withdrew $10.8 million worth of Ethereum (ETH) from the decentralized lending protocol Compound. The funds were reportedly moved to the cryptocurrency exchange Kraken. This transaction is notable given the recent market volatility and concerns surrounding the solvency of some crypto firms, including Celsius and Three Arrows Capital. The move by Abraxas Capital may indicate a shift in strategy or a desire to secure their assets in a more stable environment. It is worth noting that the reasons behind Abraxas Capital's decision to withdraw funds from Compound are unclear at this time and should be treated as speculation until official confirmation is provided.
