Mind-blowing amount of Shiba Inu (SHIB) has been moved from FTX amid its “war” against Binance
Shiba Inu whales have moved approximately 1.5 trillion SHIB in total over the last 24 hours in several lump-sum transfers of this meme coin. Most of it was transferred away from the FTX exchange. According to current data, the asset’s price has dropped by about 8% over the last day.
1 Trillion Shiba Inu (SHIB) Moved from FTX, Here’s What Happened
Three transactions involving Shiba Inu were made via anonymous wallets, according to data published by Etherscan. These transactions carried a staggering number of 794 billion meme coins, which totaled 502,385,000,000, 183,243,945,997, and 108,280,591,660 meme coins. In fiat, this is equivalent to $8,741,940. From a wallet on the FTX exchange, 502.3 billion SHIB were transferred to the address 0x12da64f9c7b4e9a73f9e177cd18c40cf307306f4. There is currently a staggering 1,002,404,900 Shiba Inus in this wallet.
Details of the wallet reveal that all of these meme coins were taken from FTX in two lump sums of 500 billion each, suggesting that the owner is concerned about the exchange and the assets it is holding on behalf of its customers. The fact that FTX recently restricted withdrawals to $1,000 may indicate that the exchange has run into financial trouble. From Coinbase, 183,243,945,997 SHIB were sent to an anonymous wallet. According to data from Etherscan, 108,280,591,660 Shiba Inu were transferred from one anonymous wallet to another.
The conflict between the two largest crypto platforms in the space – FTX and Binance – has been escalating. CZ announced that Binance is selling all of its FTT holdings due to “recent revelations” and because CZ does not want to support “people who lobby against other industry players.”
This caused an aggressive reaction from FTX founder billionaire Sam Bankman-Fried and the exchange co-founder Ryan Salame. A massive sell-off of FTT by Binance started after concerns that Alameda Research, a big trading firm owned by FTX, was facing financial troubles.
SHIB/USD 4-hour chart | Source: TradingView
However, the firm’s chief executive, Caroline Ellison, stated that the company has enough funds on its balance sheet and even offered to buy the FTT that Binance sells. At the time of writing, the FTX token shows a massive drop of 21.56%, trading at $17.81, per CoinMarketCap. Bitcoin has plunged below $20,000 as the fight between the two largest exchanges in the crypto space is affecting the whole industry.
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