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Starknet Token Activity Plummets After 3AC Liquidator’s Binance Transfer

STARKNET starknet STRK
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Three Arrows Capital liquidator Teneo has transferred $2.63 million worth of STRK tokens to Binance, while still holding a substantial $157 million in value. This move solidifies Teneo’s position as a key participant in the Starknet (STRK) token ecosystem, ranking as the second-largest holder outside of the team and centralized exchanges (CEX).

Despite this, STRK’s price has risen, though trading volume has decreased. What lies ahead for Starknet remains uncertain amidst these developments.


Starknet Token Activity and Three Arrows Capital’s Strategic Moves

Hedge fund Three Arrows Capital’s liquidator, Teneo, has recently transferred 2.18 million STRK tokens, valued at approximately $2.63 million, to Binance within the last three days. Despite this transfer, Teneo still holds a substantial 130 million STRK tokens, estimated at $157 million, according to a report by blockchain analytics platform Spot On Chain.

Chinese crypto reporter Colin Wu provided additional insights into Teneo’s strategic actions with STRK tokens, highlighting its position as the second-largest non-team/CEX wallet holder within the Starknet (STRK) ecosystem.

As of the latest update, the Starknet token (STRK) is trading at $1.23, indicating a slight decline of 2.27% in the past 24 hours. Despite this, STRK has shown positive performance over the past week and month, with gains of 6.10% and 3.88%, respectively.

Currently ranked 68th on CoinMarketCap, Starknet boasts a market capitalization of $1,408,958,143. However, there has been a notable decrease of nearly 50% in its 24-hour trading volume, which now stands at $157,940,550, signaling reduced activity within the STRK ecosystem.

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Teneo’s Strategic Moves with Crypto Assets

According to a Binance report from February 2024, an address labeled as “Teneo: 3AC Liquidation” holds over $602 million in various crypto assets. The wallet predominantly consists of 75 million WLD tokens, valued at $567 million, comprising 94% of the total assets.

Additionally, the wallet contains 8.437 million DYDX tokens worth approximately $26.91 million, 160,000 AXS tokens valued at over $1.3 million, and 5.75 million USDC. Notably, creditors of Three Arrows Capital (3AC) are significant holders of Worldcoin tokens (WLD), as highlighted in the report.

The recent transfer of 2.18 million STRK tokens, worth about $2.63 million, to Binance by Teneo raises questions about its intentions. This move could potentially signal a strategy to liquidate assets to settle creditor obligations or to optimize the value of remaining holdings.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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