"$4.7 Million Worth of LDO Withdrawn From Binance by Three New Wallets
CryptoNewsTerminal Staff24 May, 2024
"$4.7 Million Worth of LDO Withdrawn From Binance by Three New Wallets
On-chain analytics firm Lookonchain has reported that three new wallets have withdrawn a total of 2.1 million LDO tokens (approximately $4.7 million) from Binance over the past 30 minutes. One of the wallets, beginning with 0x2872, withdrew 904,900 LDO (approximately $2.03 million), another wallet, beginning with 0xf07B, withdrew 914,961 LDO (approximately $2.05 million), and the third wallet, beginning with 0xccAD, withdrew 277,949 LDO (approximately $622k). The reason for these large withdrawals is not yet known, but it is worth noting that LDO is the native token of the Lido decentralized autonomous organization (DAO), which is used for staking Ethereum. It is possible that these withdrawals are related to increased interest in staking Ethereum in the lead-up to the Shanghai hard fork, which is expected to allow staked ETH to be withdrawn. This is a developing story, and we will continue to monitor the situation and provide updates as they become available.
