Amber Group Transfers Millions of USDC and Other Cryptocurrencies

02/14/2023 14:18 • Blockchain Buzz • 144 views

On February 14, according to Tom Wan, a research analyst at 21. co, the parent company of 21Shares, disclosed on social media that after the “Paxos incident”, the data on Ethersacan chain showed that Amber Group transferred USDC worth 20.75 million from the Coin Exchange, and then deposited USDC worth 14 million in Coinbase. In addition, Amber Group also extracted FET of US $3.8 million, GRT of US $295000 and USDT of US $99000 from Coin.

After the “Paxos event”, Amber Group proposed crypto assets worth nearly US $25 million from Coin Security

Interpret the above information:

On February 14th, Tom Wan, a research analyst at 21.co, discovered that Amber Group had transferred a significant amount of USDC from the Coin Exchange to Coinbase, among other transactions. This news comes after the recent “Paxos incident,” which raised concerns over the transparency and reliability of cryptocurrency exchanges.

According to the data on Etherscan, Amber Group moved USDC worth 20.75 million from the Coin Exchange, followed by a deposit of USDC worth 14 million into Coinbase. In addition to the USDC transactions, Amber Group also extracted FET (US $3.8 million), GRT (US $295,000), and USDT (US $99,000) from Coin.

It is not entirely clear why Amber Group made these transactions, but there are a few possible explanations. One possibility is that the company needed to move funds from one exchange to another in order to take advantage of price fluctuations or to avoid potential risks. Another possibility is that Amber Group is divesting some of its holdings in these cryptocurrencies due to changes in market conditions or its own investment strategies.

Regardless of the reason behind these transactions, they are significant in terms of the amount of money involved and the impact they could have on the market. The movement of such large sums of money from one exchange to another can potentially affect the prices of cryptocurrencies and create opportunities for arbitrage traders. Additionally, it highlights the importance of transparency and security in cryptocurrency exchanges and the need for investors to be cautious and vigilant in their investment decisions.

In conclusion, the transfer of millions of USDC and other cryptocurrencies by Amber Group is a significant development in the cryptocurrency market. While the reasons behind these transactions are not entirely clear, they raise important questions about the transparency and reliability of cryptocurrency exchanges and the potential impact of such transactions on the market. Investors should approach these developments with caution and stay informed about the risks and opportunities involved in the cryptocurrency market.

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Amber Group Transfers Millions of USDC and Other Cryptocurrencies

After the “Paxos event”, Amber Group proposed crypto assets worth nearly US $25 million from Coin Security

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