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Brevan Howard Digital, a leading digital assets company, is under the spotlight for allegedly secretly selling Mantle (MNT) assets.
The company allegedly deposited a total of MNT 1.46 million into Bybit through Wintermute Trading, equivalent to $588 thousand, at an average price of $0.401.
MNT price is trading at $0.3983 at the time of writing this article.
Deposits were made between October 5 and October 6. Notably, MNT price dropped nearly 2% from $0.404 to $0.398 right after the first deposit to Bybit.
Brevan Howard Digital currently still has 2.2 million MNT worth $876k. The company received MNT 3.67 million from Amber Group on August 4, 2023, valued at $1.89 million at the time. Amber Group had previously collected a total of 14.08 million MNT from Bybit between July 18, 2023 and August 3, 2023, at an average price of $0.525.
However, Brevan Howard Digital only deposited 1.46 million MNT at $0.401 on cryptocurrency exchange Bybit, as mentioned above. This represents an estimated realized loss of $167 thousand. The company still holds 2.2 million MNT, which represents an estimated unrealized loss of $260 thousand.
In other related news, Mantle: Temporary Conversion Treasury transferred MNT 408 million ($162 million) to BitDAO: Bybit Flexible on October 6. This transfer is likely to aid the BitDAO (BIT) token conversion and rebranding process to Mantle (MNT), powered by Bybit.
*This is not investment advice.