CEO of Crypto.com Clarifies Transaction in Response to Shiba Inu Movement

The CEO of Crypto.com explained on Twitter to provide clarification to the public further. He reiterated that the exchange was conducting standard custody activities involving transferring trillions of Shiba Inu tokens. Chris assured customers that the measures taken were intended to safeguard their funds and should not affect their accounts in any way. Furthermore, Marszalek stated that a report detailing the assets of Crypto.com would be made available shortly.

As part of our usual custody operations to ensure continued safety and security, we will be rebalancing several assets across new addresses. This will have no impact for our customers and we have updated our asset dashboard on Nansen for full transparency. No need to FUD, thanks.
— Kris | Crypto.com (@kris) March 20, 2023

It is relevant to note that Crypto.com reserves a substantial amount of Shiba Inu. However, it’s uncertain whether the exchange transferred its Shiba tokens to a newly created wallet or if the tokens were moved to another whale.

Recent Shiba Inu Transfer Disclosed by Santiment

Santiment reported that a whale investor had moved 24.9 trillion Shiba Inu (SHIB) tokens worth $276 million from an exchange to a personal storage wallet. Additionally, the wallet already had 992 Ether.

🙀 $276M worth of #ShibaInu has been transferred from an exchange wallet to self custody wallet in 6 separate transfers today. This address has also been quickly accumulating #Ethereum since March 1st, possessing 992 $ETH alongside its now 24.94T $SHIB. https://t.co/7i0ua0pDIF pic.twitter.com/PfVUsXeHqc
— Santiment (@santimentfeed) March 20, 2023

Santiment identified the Ethereum address that sent the SHIB tokens as belonging to Crypto.com, and the transfer was completed through six different transactions. The whale’s personal wallet has been acquiring Ether since March 1, as identified by Santiment. The wallet that received the SHIB tokens is now the third-largest SHIB wallet globally and the biggest SHIB wallet that has never been connected to any exchange.

Further SHIB Movement

In an earlier report, Whalestats tracked a significant amount of 1.02 trillion SHIB in two separate transactions. The transaction was taken place in the last 36 hours. The accumulation by large investors could indirectly impact the price of Shiba Inu.

Despite the recent news about a large transfer of SHIB tokens, the price of the popular canine-themed cryptocurrency has decreased once again. As of the time of writing, SHIB is trading at $0.00001081, and its value has dropped by 2.0% over the last week. Furthermore, the token’s price has fallen by 87.71% from its highest recorded value of $0.00008616, reached in October of 2021.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

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