Teneo Transfers 3AC’s STRK Tokens to Binance

As a crypto investor with a few years of experience under my belt, I find Teneo’s recent actions regarding the transfer of 2.18 million STRK tokens to Binance quite intriguing. The fact that this represents only a fraction of the total STRK tokens held by Teneo (currently 130 million) makes it even more significant in the crypto space.

For the past three days, the liquidator Teneo, representing the collapsed hedge fund Three Arrows Capital (3AC), has moved approximately 2.18 million STRK tokens, equivalent to around $2.63 million, to Binance. This event stands out in the crypto community as Teneo is presently in possession of roughly 130 million STRK tokens worth over $157 million.

Teneo, as the liquidator of #3AC, transferred approximately $2.18 million worth of $STRK ($2.63 million) to Binance within the past three days. Currently, @Teneo holds around 130 million $STRK ($157 million) of 3AC’s assets in their custody, making it the second-largest non-team or exchange wallet for $STRK.— Spot On Chain (@spotonchain) May 25, 2024

Colin Wu, a Chinese cryptocurrency journalist, revealed that Teneo now holds the second largest amount of STRK among non-team and centralized exchanges (CEX), following the liquidator’s acquisition of a substantial portion of 3AC’s STRK holdings.

The price of Starknet token (STRK) on the current market is $1.25, with a total market capitalization of $1.4 billion, placing it as the 68th ranked asset on CoinMarketCap. Contrary to a minor 2.27% dip within the last day, STRK has experienced growth of 6.10% over the past week and 3.88% in the past month.

Teneo Transfers 3AC’s STRK Tokens to Binance

Teneo’s recent action has sparked speculation regarding their motives. Some believe they could be considering selling these tokens to settle outstanding debts, while others propose it may be a strategy to boost profits from other investments, still under the supervision of liquidators.

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2024-05-25 14:44