Binance Labs and Coinbase engineer moved a large volume of GMT and UNI

The address associated with the Binance Labs venture firm transferred 9.33 million tokens of the STEPN M2E project (GMT) worth $3.14 million to the Binance deposit account. 

Wallet 0x2e5 (likely @BinanceLabs) deposited 9.33M $GMT ($3.14M) to #Binance 9 hrs ago.

Binance Labs, a strategic investor in @Stepnofficial, has allegedly vested 37.1M $GMT since Jul 2023 at ~$0.24 then deposited 28.1M $GMT to Binance at ~$0.23.

Now holds 9M $GMT ($3.04M).… pic.twitter.com/palgEKVwCt

— Spot On Chain (@spotonchain) April 2, 2024

According to Spot On Chain analysts, another 9 million GMT worth $2.8 million is stored in the company's wallet. 

Binance Labs is a strategic investor of STEPN. Since July 2023, the firm has accumulated 37.1 million GMT at an average price of $0.24, and then transferred 28.1 million GMT to Binance at $0.23 per token. 

Against the background of the movement of coins and the general correction of the crypto market, the STEPN coin fell by almost 9% in a day — from $0.34 to $0.31. 

The 15-minute GMT/USDT chart of the Binance exchange. Data: TradingView.

Journalist Colin Wu also discovered suspicious movements of 1.6 million DEX Uniswap (UNI) tokens worth $19.7 million to the Coinbase Prime account. According to on-chain data, the transaction was made from the address of the alleged former senior software engineer at Coinbase, Max Blauschild. 

Today’s address 0x08…CDA3 transferred 1.6 million UNI ($19.7 million) to Coinbase Prime, and Arkham tagged Max Blaushild, a suspected former Coinbase senior software engineer. The UNI held by this address 0x08...CDA3 was originally unlocked from the Uniswap treasury in September…

— Wu Blockchain (@WuBlockchain) April 2, 2024

The funds sent were initially unblocked from the Uniswap Treasury in September 2020. 

UNI quotes fell by 9% in 24 hours, at the time of writing, the asset is trading at $11.34.

The 15-minute UNI/USDT chart of the Coinbase exchange. Data: TradingView.

Recall that at the end of March, the wallet, which had been inactive for about 12 years, moved all its 500 BTC worth almost $ 35 million to several new addresses.

In January, CryptoQuant analysts drew attention to the movement of 49,866 BTC that had been "dormant" for more than five years. But the coins were not sent to the exchange.