Elwood Technologies-Linked Address Deposits $54.9 Million in ETH to Binance

IconCryptoNewsTerminal Staff09 Jul, 2024

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Elwood Technologies-Linked Address Deposits $54.9 Million in ETH to Binance

Blockchain analytics firm Lookonchain has reported that a presumed address belonging to Elwood Technologies, a London-based crypto risk management platform for institutional investors, has deposited a significant amount of ETH to Binance. Over the past 28 hours, the address sent 17,900 ETH, equivalent to approximately $54.9 million, to the cryptocurrency exchange Binance via X. The reasons behind this large transaction remain unknown, and Elwood Technologies has not yet publicly commented on the matter. However, some speculate that the funds may be related to institutional clients seeking to diversify their crypto holdings or adjust their risk exposure amidst market volatility.