Brevan Howard Digital, one of the leading players in the Bitcoin and altcoin industry, surprisingly found itself in the middle of controversy. The company is facing allegations that it secretly dumped a significant amount of Mantle (MNT) holdings, causing a sudden drop in the altcoin’s value. Here are the details…
Did the famous company sell altcoins?
The allegations stem from a series of deposits made by Brevan Howard Digital to cryptocurrency exchange Bybit totaling MNT 1.46 million, with an approximate value of $588,000. These deposits were made through Wintermute Trading at an average price of $0.401. It also occurred between October 5 and October 6. The timing of these transactions was notable, as the MNT price showed a noticeable decline of approximately 2% immediately after the first deposit to Bybit. The cryptocurrency, which was previously traded at $0.404, saw its value drop to $0.3983.
As of this writing, Brevan Howard Digital still holds MNT 2.2 million, equivalent to $876,000. Interestingly, the company had previously received MNT 3.67 million from Amber Group on August 4, 2023. At the time, the assets were valued at $1.89 million. It is worth noting that Amber Group received a significant amount of MNT from Bybit between July 18, 2023 and August 3, 2023, approximately 14.08 million, at an average price of $0.525.
What’s behind MNT transfers?
However, what raises eyebrows in the cryptocurrency community is that Brevan Howard Digital only deposited 1.46 million MNT into Bybit at a significantly lower price of $0.401. This discrepancy resulted in a realized loss estimated at approximately $167,000. Additionally, the company’s remaining 2.2 million MNT assets represent an unrealized loss of approximately $260,000. This controversy has raised questions about Brevan Howard Digital’s intentions and whether its actions are consistent with the broader interests of the Mantle (MNT) community.
Additionally, Mantle’s treasury made a significant transfer of exactly 408 million MNT to BitDAO:Bybit Flexible on October 6, equivalent to a staggering $162 million. This move aims to facilitate the BitDAO (BIT) token conversion and rebranding process. It is certain that the situation surrounding the significant transfer to Brevan Howard Digital and BitDAO will be closely watched by cryptocurrency enthusiasts and industry experts. It remains to be seen how these events will affect the Mantle (MNT) market and whether other developments will shed light on the allegations against Brevan Howard Digital.
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