Prominent Whale Makes $4.8 Million Deposit into Binance Amidst Multichain Incident - Investor Bites

Prominent Whale Makes $4.8 Million Deposit into Binance Amidst Multichain Incident – Investor Bites

Time Stamp: July 15, 2023 4:45 AM
Prominent Whale Makes $4.8 Million Deposit into Binance Amidst Multichain Incident - Investor Bites PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • Fantom Foundation takes swift action after Multichain incident, engaging with stablecoin issuers to freeze assets.
  • Whale’s strategic FTM selling activities result in an estimated profit of $985,000.
  • Fantom Foundation collaborates with Multichain employees and stakeholders to understand and address the incident comprehensively.

The cryptocurrency market witnessed a significant event as a prominent whale, impacted by the Multichain incident, made a substantial deposit of 16 million Fantom (FTM) ($4.8 million) into Binance for selling purposes. Over the past seven days, this whale had diligently accumulated the mentioned amount. At present, the whale has withdrawn 2.7 million USDT and intends to sell FTM at a price of approximately $0.3 per unit.

Interestingly, this whale’s recent activities revolved around the sale of FTM. Having deposited a total of 3.8 million USD Coin (USDC) into Binance and subsequently withdrawing 16 million FTM in the past week, the whale had procured these tokens at an average buying price of $0.24. Astutely, their calculated profit from these endeavors is estimated to be around $985,000.

Meanwhile, the Fantom Foundation has taken swift action by expressing their concerns regarding the Multichain incident. To address this issue, they have initiated contact with stablecoin issuers, particularly Circle (USDC), Tether (USDT), and TrueUSD (TUSD), urging them to freeze assets within Multichain wallets.

Notably, the foundation has confirmed the freezing of over $60 million worth of USDC and more than $2 million worth of USDT. Their proactive approach involves engaging with various contacts and sources to gain a comprehensive understanding of the circumstances surrounding the Multichain incident.

To further enhance their comprehension, the Fantom Foundation has formed a group that actively involves Multichain employees. This collaborative effort aims to gain insights from their perspective and provide any necessary support that they can offer.

Besides investigating the Multichain incident, the foundation has also prioritized establishing communication with stablecoin issuers to ensure prompt action is taken. These combined efforts demonstrate the foundation’s commitment to addressing the situation and supporting affected individuals.

Hence, in response to the whale’s massive deposit and subsequent selling activities, the Fantom Foundation has taken decisive steps to mitigate potential risks associated with the Multichain incident. Their ongoing engagement with stakeholders, including stablecoin issuers and Multichain employees, signifies their dedication to understanding the matter comprehensively and providing necessary assistance wherever possible.

Consequently, these recent developments highlight the dynamic nature of the cryptocurrency market and the importance of proactive measures to safeguard participants’ interests. Furthermore, they emphasize the significance of effective communication and collaboration among key industry players in addressing emerging challenges.

Moreover, as the situation unfolds, it remains imperative for users and investors to remain vigilant and stay informed about potential developments regarding the Multichain incident and its ramifications. The cryptocurrency landscape continues to evolve, presenting both opportunities and risks, necessitating the implementation of robust security measures and prompt responses to emerging threats.

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