- Fund with 0x74c address deposits 12.1M USDC to Circle, sends 72.1M USDC in a week.
- A day earlier, it sent 60M USDC to Circle, and withdrew 47.4M USDC from Binance, raising eyebrows.
- Tether, Circle froze $67.5M USDC/USDT, 50% of stolen funds; Circle blocked $65M USDC from Multichain outflows in July.
A fund with a wallet address beginning 0x74c has been making some significant financial moves. Recently, it deposited a whopping 12.1 million USDC to Circle. This isn’t a one-off, according to data shared by on-chain analytics firm Lookonchain.
Over the past week, the wallet has transferred a total of 72.1 million USDC to Circle. Such a substantial amount prompts the question of whether the whale is looking to cash out.
Upon further inspection, it’s evident that this fund has been quite active. Just a day before, the fund deposited a total of 60 million USDC into Circle. Out of this amount, 47.4 million USDC were previously withdrawn from Binance. This pattern of transactions raises eyebrows and piques curiosity.
A closer look at the fund’s Etherscan address reveals more about its transaction history. The fund currently holds an ETH balance of 854.295 ETH, equivalent to approximately $1,536,219.53. Additionally, the fund has token holdings worth $17,154,348.58 spread across 55 different tokens.
The large movement of USDC has definitely been a common event lately. Last month, a considerable amount of USDC was moved following the Multichain security breach. The Multichain security breach on July 7 was significant within the industry this year. Stablecoin issuers Tether and Circle took action by blacklisting five addresses that were recipients of a portion of the $126 million in stolen funds. These companies placed a freeze on $67.5 million worth of USDC and USDT, equivalent to roughly 50% of the funds that were taken from the cross-chain protocol.
According to earlier reports from blockchain security company Peckshield, Circle also blacklisted three addresses that were receiving funds flowing out of Multichain. These three addresses, namely 0x027F1, 0xefEeF, and 0x48BeA, held a total of $65 million in USDC.
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