not long ago cryptocurrency debuted on the exchange Binance Hooked Protocol (HOOK) altcoin With its latest move, it has provided a significant increase in its price.
HOOK Protocol (HOOK) Altcoins to be Transferred to Binance Custody Wallets
According to the official statement made by the developers, 100 million HOOK tokens, which are the share of the altcoin team, will be transferred and locked to a new formation called Binance Custody, for the first time.
The cryptocurrency team described the development in its official statement as follows:
“General Service Announcement:
As part of our cooperation with Binance, we will transfer our team’s share of HOOK tokens (100 million HOOK tokens) to Binance Custody.
These tokens will remain locked with a fixed release schedule: 1-year cliff + 60-month linear release.”
Said token transfer will be made from existing multisig to Binance Custody address (0x99c1c5b6771dd96291A18d96225cDf67D3b6489A) within the next 24-48 hours.
The circulating supply of HOOK will not change after this transaction.”
Public Service Announcement:
As part of our collaboration with Binance, we will be transferring team’s allocation of HOOK token (100 million HOOK tokens) to Binance Custody.
These tokens will remain locked, with fixed release schedule: 1 year cliff + 60 month linear release.
— HOOKED (@HookedProtocol) December 9, 2022
This kind of development has rarely been done by Binance before. However, it seems that the cryptocurrency exchange may switch to a similar business model to its rival Coinbase-owned Coinbase Custody.
As it is known, Binance CEO Changpeng Zhao has signaled that he will be tougher against his rivals, saying that he will no longer talk about rival companies as before, instead of talking about rival companies.
The HOOK altcoin experienced a sudden increase in value after the latest development and at the time of this writing, it was trading around 20% higher than in the last 24 hours.
*Not investment advice.
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