Binance Labs, the investment arm of Binance, the world’s largest cryptocurrency exchange, attracts attention. Because it has been causing fluctuations in the crypto markets with its recent altcoin sales. These sales, which started after the CEO change, cause concern among investors. Here are the details…
Binance sells some altcoins after CEO change
This move by BinanceLabs, which has not made any significant altcoin sales for many years, surprised the market. Binance Labs, which started sales after Richard Teng took over as CEO, continues to influence the market with ongoing transactions. According to findings by data provider Ember, the incubation arm moved 200,000 HOOKs (approximately $190 thousand) in the past day. He also transferred 2.81 million OLEs (approximately $210 thousand). According to on-chain data, he transferred these two coins to Binance and Gate.io exchanges, respectively.
These sales also reveal that BinanceLabs was an early investor in the Hooked Protocol (HOOK) and OpenLeverage (OLE) projects. It is not known how much profit the company made from these investments, which purchased 3.33 million units of HOOK (approximately 3.19 million dollars) and 37.5 million units of OLE (approximately 2.88 million dollars), respectively, in the pre-sale. Currently, the HOOK price is changing hands at $0.90. At the time when the sale was thought to have taken place, its price was around $0.95. OLE is currently at $0.069, previously it was around $0.76.
The reasons behind this move by Binance Labs are not fully known. But some experts suggest there may be a desire to make a profit or manipulate the market. Some regulatory issues that Binance has experienced recently may also be the trigger for these sales. It is estimated that Binance Labs will continue to sell altcoins in the coming period. This could lead to further volatility and uncertainty in crypto markets. Investors should closely monitor such transactions and take necessary precautions to protect their investments. As a result, it is important for investors to be careful about such transactions and diversify their investments.
Binance’s investment arm has been active for 6 years
As Kriptokoin.com reported, Binance Labs is an incubation and funding platform that operates as the investment arm of Binance, the leading cryptocurrency exchange. Founded in 2018, Binance Labs strives to develop Blockchain technology and the cryptocurrency ecosystem. It aims to contribute to expanding this field. To achieve this goal, Binance Labs invests in early-stage startups. Thus, it supports entrepreneurs by providing guidance and mentoring services and sharing its knowledge and experience in the sector.
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