According to the latest onchain data, a newly created whale wallet withdrew millions of dollars worth of altcoins from cryptocurrency exchange Binance within an hour.
The whale, which attracted 5 million Storj (STORJ) worth $3.5 million and AAVE worth $4.3 million, bought these tokens from a central exchange, so it is unknown at what price level he bought them.
However, on the other hand, it is estimated that a malicious whale caused a sudden drop in the YFI price. Its market value of approximately $250 million was later destroyed.
96.3% (approximately $60 million) of YFI open positions on the decentralized exchange dYdX were liquidated. While YFI is normally very rarely traded on dYdX, the recent increase in its price has seen open interest reach approximately $62 million.
dYdX founder Antonio Juliano, in his statement, argued that the price drop was due to the manipulation of a malicious person and announced that “excessively profitable trades” were banned on the platform.
The whale had managed to withdraw a large amount of USDC from dYdX just before the price drop. He also attempted an unsuccessful attack on the dYdX SUSHI market two weeks ago.
*This is not investment advice.
Read the full article here