A staggering 32.74 trillion Shiba Inu tokens were moved to an unidentified wallet by Crypto.com, leaving the Shiba Inu community astonished. The large-scale transfer was first highlighted by Whale Alert, a blockchain tracker, and sparked various speculations within the crypto space.
What Happened in Detail
It was revealed by Whale Alert on Tuesday that Crypto.com executed a significant transfer of Shiba Inu tokens. The exchange moved an initial batch of 1.634 trillion SHIB, worth approximately $39 million, from its hot wallet labeled “0xf2B0” to an unidentified wallet, “0xa23f.” The transfer occurred at 13:47 (UTC).
Additional data showed that similar transactions were repeated multiple times within the same hour. The exchange transferred identical amounts in five separate transactions. Upon further examination, it was discovered that Crypto.com executed 20 consecutive transfers to the same receiving wallet. The total transferred amount reached an astonishing 32.74 trillion SHIB, valued at $390.39 million.
Internal Transfers Confirmed
An in-depth on-chain analysis conducted by The Crypto Basic clarified the situation. The investigation concluded that the enormous transfer was an internal shuffle within Crypto.com. The receiving address was identified as a deposit wallet owned by the exchange, as confirmed by data from Arkham.
This internal movement involved shifting excess Shiba Inu tokens from the hot wallet to a more secure deposit address. Such internal transfers are common practices for major trading platforms, typically carried out to bolster security measures and maintain liquidity.
Mixed Reactions from the Shiba Inu Community
The Shiba Inu community reacted with a mix of confusion and speculation to the transfers. Some enthusiasts expressed concerns, questioning the reasons behind the massive movement of tokens. A few members speculated that Crypto.com might have been hacked, suspecting that the tokens were being stolen.
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On the other hand, other users interpreted the transfer differently. They believed it indicated a large-scale whale accumulation, suggesting that an investor might be purchasing enormous amounts of Shiba Inu and moving them to a private wallet.
The movement of 32.74 trillion Shiba Inu tokens by Crypto.com was confirmed to be an internal process aimed at enhancing the exchange’s operational efficiency. While some members of the crypto community viewed the transfers with skepticism, others perceived them as bullish signals indicating whale accumulation.
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As the Shiba Inu market continues to navigate these developments, the incident highlights the need for transparency in large-scale crypto transactions to avoid unnecessary panic within the community.
