$326 Million Crypto Transfer Triggers NEO Panic, Bitcoin Whales Move 19,086 BTC As Market Rebounds
The team at NEO is working to clear up concern and confusion after whale watchers spotted a transfer of 29,461,168 NEO worth $326 million – which is nearly half of all NEO in existence.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 29,461,168 #NEO (326,156,929 USD) transferred from #Dev Account to unknown wallet
— Whale Alert (@whale_alert) May 23, 2019
The crypto was moved back to its original account four minutes later, leaving Crypto Twitter wondering just what the China-based smart contract platform is up to.
What. The. Actual. pic.twitter.com/kCFlP2X3bc
— Billy Saurus (@BillySaurus42) May 23, 2019
Several hours later, the team at the NEO Foundation, which owns half of the total supply of NEO, released a statement saying the transfer was routine and planned in advance.
“On May 23rd, NF transferred 5,538,832 newly unlocked NEO to the unlocked address. The remaining 29,461,168 NEO were first sent to a change address before being transferred back to the locked address. This was done to differentiate the transactions for the community’s reference.
NF would like to reiterate that, as noted in the White Paper, the newly unlocked NEO will not be sold on exchanges. These funds are used to build the NEO ecosystem and support the growth of the community. An article detailing EcoBoost and how these funds are used will be released in the near future.”
📢Notice: #NEO Foundation unlocks 5,530,000 $NEO as planned. These funds are used to build the NEO ecosystem and support the growth of the community. #EcoBoost #DEVcommunity
You can find the notice in detail via the link below,https://t.co/wx8lyr48Z2
— NEO Smart Economy (@NEO_Blockchain) May 23, 2019
Meanwhile, whales continue to move millions of dollars worth of Bitcoin with the price of BTC dipping as low as $7,548 before rebounding to $7,834, according to CoinMarketCap. The total market cap of all cryptocurrencies has also bounced back in the last 24 hours, from a low of $233.6 billion back to $243.3 billion.
In just the last eight hours, Bitcoin’s biggest wallets have moved 19,086 BTC worth about $146 million.
Two of the transfers were sent to crypto trading platforms, with the remaining BTC moving between unknown wallets, between crypto exchanges, or from crypto exchanges to unknown wallets.
- 2,000 BTC worth $15.5 million transferred from Coinbase to unknown wallet
- 4,624 BTC worth $36.2 million transferred from unknown wallet to unknown wallet
- 660 BTC worth $5.0 million transferred from Bitstamp to unknown wallet
- 2,500 BTC worth $19.0 million transferred from unknown wallet to Bitfinex
- 4,036 BTC worth $30.8 million transferred from unknown wallet to unknown wallet
- 2,279 BTC worth $17.2 million transferred from bitFlyer to Coincheck
- 2,261 BTC worth $17.0 million transferred from unknown wallet to bitFlyer
- 726 BTC worth $5.4 million transferred from Huobi to Kraken
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