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News

Multichain Witnesses Abnormal $117M Crypto Outflows

July 11, 2023 - Around 2 mins mins to read

Key Points:

  • Multichain experiences abnormal outflows of $117M in 12 hours!
  • Significant digital asset outflows from various blockchain networks raise concerns within the crypto community.
  • Experts analyze the motives behind these transfers and their potential implications for the affected networks, sparking discussions about blockchain network security and integrity.
Multichain has recently experienced a wave of significant abnormal outflows over the past 12 hours, resulting in assets worth approximately $117 million being transferred to a new address: 0x1e…477b.
image 621

The outflows encompassed a range of digital assets across various chains. Notably, the transferred assets include 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, and 52 BTC, which originated from the Fantom network. Additionally, 2,891 WETH and 8.7 million USDC flowed from Arbitrum, while 209,000 USDC and 50.8 BTCB were withdrawn from the Binance Smart Chain.

image 622

Other significant outflows include 2.38 million DAI, 33.76 WBTC.e, 667.4 WETH, 9 million USDC, and 616,000 DAI from Avalanche. Cronos, another blockchain network, witnessed an outflow of 19.95k USDC, 5,582 WETH, 7.05 WBTC. From Polygon, 237.6k USDC was withdrawn, and 37k USC left the Moonbeam network. Optimism experienced an outflow of 21.91 WBTC and 10.36 million DAI. Lastly, there was a withdrawal of 15k DAI from the Ethereum network.

These abnormal outflows, as recorded on Debank’s platform have raised concerns within the blockchain community. Such large-scale movements of funds to a new address have sparked speculation and questions regarding the intent behind these transactions.

Multichain

Market analysts and experts are closely monitoring the situation to understand the motives behind these outflows and their potential implications for the affected networks. The sudden nature and scale of these transfers have triggered discussions about the security and integrity of the blockchain networks involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Crypto Outflows

Debank's platform

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Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Multichain Witnesses Abnormal $117M Crypto Outflows

Key Points:

  • Multichain experiences abnormal outflows of $117M in 12 hours!
  • Significant digital asset outflows from various blockchain networks raise concerns within the crypto community.
  • Experts analyze the motives behind these transfers and their potential implications for the affected networks, sparking discussions about blockchain network security and integrity.
Multichain has recently experienced a wave of significant abnormal outflows over the past 12 hours, resulting in assets worth approximately $117 million being transferred to a new address: 0x1e…477b.
image 621

The outflows encompassed a range of digital assets across various chains. Notably, the transferred assets include 11.91 million DAI, 13,146 ETH, 10.1 million USDC, 64 million USDT, and 52 BTC, which originated from the Fantom network. Additionally, 2,891 WETH and 8.7 million USDC flowed from Arbitrum, while 209,000 USDC and 50.8 BTCB were withdrawn from the Binance Smart Chain.

image 622

Other significant outflows include 2.38 million DAI, 33.76 WBTC.e, 667.4 WETH, 9 million USDC, and 616,000 DAI from Avalanche. Cronos, another blockchain network, witnessed an outflow of 19.95k USDC, 5,582 WETH, 7.05 WBTC. From Polygon, 237.6k USDC was withdrawn, and 37k USC left the Moonbeam network. Optimism experienced an outflow of 21.91 WBTC and 10.36 million DAI. Lastly, there was a withdrawal of 15k DAI from the Ethereum network.

These abnormal outflows, as recorded on Debank’s platform have raised concerns within the blockchain community. Such large-scale movements of funds to a new address have sparked speculation and questions regarding the intent behind these transactions.

Multichain

Market analysts and experts are closely monitoring the situation to understand the motives behind these outflows and their potential implications for the affected networks. The sudden nature and scale of these transfers have triggered discussions about the security and integrity of the blockchain networks involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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