Ontology Co-Founder Moves 8,392 ETH to Binance

IconCryptoNewsTerminal Staff22 Jul, 2024

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Ontology Co-Founder Moves 8,392 ETH to Binance

Ontology (ONT) co-founder Andy Ji recently transferred 8,392 ETH from Swellex to Binance. On-chain analyst AmberCN reported the transaction on Twitter, noting that the address was labeled as belonging to Ji by Arkham Intelligence. The transfer is likely to raise questions about the future of Ontology, which has been struggling in recent months. The project's native token, ONT, has lost over 90% of its value since its all-time high in January 2018. It is unclear what Ji plans to do with the ETH, but the transfer could be a sign that he is losing faith in the project.