The Jump Trading trading company has successfully withdrawn 11,500 ETH worth about $29 million from the liquid betting platform Lido Finance. This is reported by Spot On Chain.
Jump Trading successfully unstaked 11.5K $ETH ($29M) from Lido Finance and continued to redeem 16,210 $WSTETH into 19,049 $STETH in the past hour.
Note that the 11,500 $ETH has been transferred to the wallet \"0xf58\" which they often use to deposit $ETH to CEX.
Currently, Jump… https://t.co/oZnrtNqr88 pic.twitter.com/EHP50yqbEA
According to analysts, the funds were transferred to a wallet, which the company often uses to deposit Ethereum on centralized exchanges.
Jump Trading still holds 21,394 "wrapped" wstETH ($63.6 million) and 16,292 ETH ($41.3 million). There are also 19,049 stETH ($46.6 million) in the process of being withdrawn from Lido.
Over the past weeks, researchers have tracked the transfer of approximately 100,000 ETH from the wallets of a trading company. On August 4, Spot On Chain recorded the sending of 72,213 ETH ($231 million) to various trading platforms, including Binance, OKX, Bybit, Coinbase and Gate.io .
[Update] Jump Trading moved another net amount of 17,576 $ETH ($46.78M) to CEX in the past 24 hours!
This solely came from their existing $ETH holding.
Their remaining 37.6K $wstETH ($101M) and 11.5K $STETH ($26.3M) still remain in their wallet and under the unstaking process… https://t.co/fNn4RKejgf pic.twitter.com/Koab3o8ybV
The next day, Jump Trading addresses sent 17,576 ETH worth about $46.78 million to exchanges.
A number of experts called the actions of the company and its associated market maker Jump Crypto one of the factors of the market correction.
Recall that Lookonchain analysts discovered the movement of 789,533 ETH (~$2 billion) from "hundreds of wallets" inactive for about 3.3 years. These funds are linked to the assets of the TokenPlus pyramid scheme, which were confiscated by the Chinese authorities.