Whale Moves $56 Million Worth of Crypto Between Binance and Venus
CryptoNewsTerminal Staff31 May, 2024
Whale Moves $56 Million Worth of Crypto Between Binance and Venus
On-chain data analytics provider EmberCN reported two hours ago that a specific whale address withdrew 8,400 ETH (worth $31.86 million) and 360 BTC (worth $24.54 million) from Binance and deposited them on Venus (XVS), a lending protocol on the BNB Chain. The whale then borrowed 58,000 BNB (worth $34.45 million) from Venus and deposited it back to Binance. It is unclear at this time what the whale's intentions are, but this type of activity is often seen as a sign of market manipulation. By borrowing large amounts of cryptocurrency and then depositing it back to an exchange, whales can create the illusion of increased demand and drive up the price of the asset. If you are considering investing in cryptocurrency, it is important to be aware of the risks involved, including the potential for market manipulation. It is also important to do your own research and only invest what you can afford to lose.
