Galaxy Digital, the crypto investment company of Michael Novogratz, has offloaded an additional 12,500 Ethereum to Binance Exchange, continuing its massive forwarding trend.
This latest move follows a similar deposit of 12,500 ETH on April 12. Collectively, the company has sent over $40 million in Binance 25,000 ETH over the past three days.
Ethereum deposits and market impact
In particular, in the latest transfers, Galaxy Digital Move Ethereum Tokens moved in separate transactions. These include 2,500 and 10,000 ETH, worth $4.05 million, worth $1,632 million.
The April 12 movement saw $71.1 million worth of 4,500 ETH and $12.63 million worth of 8,000 ETH to Binance.
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Meanwhile, Ethereum prices fell during recent deposits, falling from $1,677 on April 14th to the press’s $1,641.
This decline highlights how institutional movements affect market prices. I have a market watcher It was pointed out That these substantial transfers can affect trading strategies and market dynamics.
Other notable transfers and holdings
After Ethereum, Galaxy Digital also created a notable Stablecoin transaction, transferring 5 million USDT to Binance. Additionally, the company moved 100,000 USDC and $1,000 worth of avalanches (Avax).
Intelligence Platform Arkham, tHe is currently at the company Holdings After transfer, it includes 199.795 ETH worth $328,470 and 18,150 Avax tokens worth $363,180.
Additionally, Galaxy Digital has 428 million DAIs and 3.757 million USDC, totaling approximately $7.97 million.
Legal Issues with Galaxy Digital
In particular, the ongoing movement of Galaxy Digital’s Crypto Assets is Recent Legal settlement For Luna Market Manipulation.
In particular, the company agreed to pay a $200 million settlement after accusing the New York Attorney General of offloading Luna Holdings without proper disclosure.
Galaxy Digital promoted Luna in 2020 and secured a deal to buy tokens at a discounted price. Prosecutors claim that token prices have started to skyrocket as Galaxy Digital promoted Luna.
With the rise in value, the company reportedly offloaded its holdings and reaped hundreds of millions of profits. However, these transactions are said to have been carried out without proper disclosure.
