Giant Bitcoin Whale Sells: ‘Risky’ Altcoin Falls

Lido DAO (LDO), which was found to have a vulnerability in the token contract, is also taking a hit from a famous whale. The famous company Brevan Howard, who is a Bitcoin investor, started to empty its altcoin reserves from centralized exchanges today.

Lido (LDO) is on the agenda with whale sales and security vulnerabilities

As reported by Kriptokoin.com, Blockchain security firm Slow Mist reported today that Lido is open to market manipulation. According to the report, Lido’s token contract contains vulnerabilities that allow “fake deposits”. Slow Mist has sent serious warnings to the Lido team and altcoin investors at this point.

However, institutional Bitcoin investor Brevan Howard (formerly Dragonfly Capital) is raising concerns with a large amount of LDOs sent to centralized exchanges. According to on-chain data, the company transferred $1.18 million worth of LDO to Binance and Coinbase wallets yesterday. An LDO position falling below the company’s average purchase price strengthens the possibility of selling pressure.

SpotOnChain reports the following about the Brevan Howard transactions in question:

Brevan Howard Digital (formerly Dragonfly Capital) transferred a total of 750,000 LDOs at an average of $1.57 ($1.18 million) to Binance and Coinbase Custoday in the past 3 days. VC last deposited on CEX on May 17 (114 days ago) at an average price of $2.28. The current LDO reserve is 7.08 million LDO ($10.8 million).

LDO price drops

LDO, which ranks 34th according to market value, recorded a value of 2.5%, independent of the market in general, following the latest developments. The first sharp decline occurred in the early hours of September 10. The altcoin is currently trading towards the $1.48 region. BTC and ETH continue their horizontal movements in the same time frame.