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Starknet Token Activity Dives as 3AC Liquidator Makes Major Binance Transfer

source-logo  coinedition.com 25 May 2024 11:44, UTC

Hedge Fund Three Arrows Capital’s liquidator, Teneo, has reportedly transferred 2.18 million STRK tokens, valued at approximately $2.63 million, to Binance over the past three days. According to an X post by the blockchain analytics platform Spot On Chain, Teneo currently retains 130 million STRK, estimated to be worth $157 million.

Teneo, #3AC liquidator, deposited 2.18M $STRK ($2.63M) to #Binance in the past three days!

Currently, @Teneo still holds 130M $STRK ($157M) of 3AC's assets in custody, making it the second-largest non-team/CEX STRK-holding wallet.

The STRK price dropped 6% (24H) after Vitalik… pic.twitter.com/hea39ENn4p

— Spot On Chain (@spotonchain) May 25, 2024

Chinese crypto reporter Colin Wu offered further insights into Teneo’s strategic maneuver with STRK tokens. Notably, Teneo, holding a substantial portion of 3AC’s STRK tokens, has emerged as the second-largest non-team/CEX STRK-holding wallet.

According to Spot on Chain, Teneo, the liquidator of Three Arrows Capital, deposited 2.18 million STRK (approximately $2.63 million) into Binance in the past three days. Teneo currently still holds 130 million STRK (approximately $157 million) from Three Arrows Capital’s bankrupt…

— Wu Blockchain (@WuBlockchain) May 25, 2024

As of the latest data, the Starknet token (STRK) is trading at $1.23, reflecting a slight decrease of 2.27% over the past 24 hours. However, the token has demonstrated positive momentum over the past week and month, surging by 6.10% and 3.88%, respectively.

The token currently holds the 68th position on CoinMarketCap, boasting a market capitalization of $1,408,958,143. A significant decline of nearly 50% in its 24-hour trading volume, currently at $157,940,550, suggests decreased activity within the ecosystem.

According to a previous report released in February 2024, an address identified as “Teneo: 3AC Liquidation” holds more than $602 million in crypto assets. The report revealed that the wallet was dominated by a vast collection of 75 million WLD tokens, valued at $567 million, constituting 94% of the total assets.

Other assets in the Teneo wallet included 8.437 million DYDX, valued at around $26.91 million, 160,000 AXS, worth more than $1.3 million, and 5.75 million USDC. The report also noted that 3AC creditors are among the largest holders of Worldcoin tokens (WLD).

Moving STRK tokens to Binance piques curiosity upon Teneo’s intentions. It could be a step to liquidate the tokens to pay off creditors or it could be a strategy, in part, to maximize the value of the remaining assets.

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