Jump Trading, a popular crypto company, has been selling altcoins lately. Current on-chain data shows that the trading company has piled $179,000 worth of coins into Binance and Kucoin wallets.
Jump Trading continues to sell altcoins
According to a report from blockchain data provider Lookonchain, Jump Trading is carrying large amounts of Lido DAO (LDO) to Binance and Kucoin wallets. Transfers have so far reached 70,000 LDOs equivalent to $179,000.
Jump Trading had purchased 5.59 million LDOs with 1,207 ETH ($4.76 million at the time) on May 10, 2021. The company has an average LDO purchase price of $0.85 and currently still has 2.99 million LDOs valued at $7.63 million.
Lido (LDO) gains significant increase in TVL before last drop
According to data from DefiLlama, Lido’s Total Value to Lock (TVL) has increased significantly over the past month. Also, LDO has been recording strong price movements since the beginning of 2023. According to his statistics, Lido Finance has the highest TVL among DeFi protocols. The data showed that TVL increased by about 18% last month. The investigation of TVL also revealed signs of increase, although it has declined over the past year.
According to data from Dune Analytics, Lido currently had the highest share of ETH. Lido owns 31.1% of ETH at the time of writing. This rate compares to the second largest staking platform with 11.9%, which can be seen on the chart.
Stake-focused altcoin falls since SEC’s last move
Last month, crypto podcast host David Hoffman spread a rumor that the SEC had sent a Wells Notice to Lido. LDO price dropped by double digits at one point, amid claims echoing on social media. The Wells Notice is a letter that details the charges the SEC intends to bring against a buyer.
cryptocoin.com As we have reported, Hoffman soon admitted that the allegations that Lido had received the Wells Notice were false. Despite the confession that came soon after, the LDO price had to admit a double-digit drop.
Meanwhile, Andrew Thurman of crypto analytics firm Nansen tweeted that Wintermute, one of the largest crypto market makers, has sold about 10%, or $2 million, of LDO assets. Thurman speculated that the sale was related to the Wells rumor, but Wintermute CEO Evgeny Gaevoy told CoinDesk the timing was “accident.”
Lido’s downfall was the server of restrictions from the US
The Fud news surrounding Lido comes amid wider crypto market pressure from US regulators. Last month, for example, stablecoin issuer Paxos confirmed that a Wells Notice was sent to it on Feb. The SEC said it is considering accusing Paxos of operating an unregistered security with the Binance-linked BUSD stablecoin.
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