DWF Labs BLZ Sell-Off Causes 15% Drop In Bluzelle Price

September 26, 2023 - Around 2 mins mins to read

Key Points:

DWF Labs BLZ sell-off of 10.5 million BLZ from Binance causes a 15% price drop in BLZ.
OTC agreements and large transfers between DWF Labs and Bluzelle add complexity to the situation.
Two new addresses withdrew nearly 37 million BLZ from Binance, impacting BLZ’s circulation.

DWF Labs BLZ Sell-Off triggers a 15% price drop, raising questions about market dynamics. Key addresses revealed.

DWF Labs withdrew substantial Bluzelle (BLZ) tokens from Binance. A total of 10.5 million BLZ, valued at approximately $1.77 million, was transferred out of the exchange. This move coincided with a significant price drop in BLZ, raising questions about the connection between the two events.

Just six hours before the withdrawal, EmberCN reported that DWF Labs had transferred 11.46 million BLZ, equivalent to $2 million, to Binance. Following this transaction, the price of BLZ plummeted from $0.194 to $0.164, marking a 15% decline.

DWF Labs BLZ Sell-Off Causes 15% Drop In Bluzelle Price

DWF Labs BLZ Sell-Off & Bluzelle’s OTC Agreement

Speculations arose as to whether DWF Labs BLZ Sell-Off to strategically capitalize on the price drop. Prior reports hinted at an Over-the-Counter (OTC) agreement between DWF Labs and Bluzelle.

DWF Labs had sent 2 million USDT to Bluzelle’s Company Wallet in four installments, receiving 11.46 million BLZ in return. Subsequently, all 11.46 million BLZ were moved to Binance at an OTC price of $0.174.

Adding to the intrigue, Nansen identified Bluzelle’s Company Wallet as the source behind a transfer of 8.59 million BLZ, valued at $1.62 million, to DWF Labs. This activity resulted in substantial coin withdrawals from centralized exchanges (CEX) and their transfer to market makers.

In a surprising turn, two new addresses removed a staggering 36.91 million BLZ, equivalent to $6.9 million, from Binance. These transactions accounted for 9% of BLZ’s current circulating supply, with 12.16 million BLZ going to address 0x02f and 24.75 million BLZ to address 0xCc8.

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