LDO Price Falls by 10%: Wintermute Trades $2 Million Tokens

  • LDO price plummeted by 10% after the rumor that Lido received the SEC’s Well Notice, as told by David Hoffman.
  • Wintermute sold off $2 million worth of LDO, still holding $21 million worth of the token.

Andrew Thurman, the Simian Psychometric Enhancement Technician at the blockchain analytics platform Nansen, declared that the global digital assets trading firm Wintermute sold off around 10% of their LDO holdings, despite the rumors on the SEC’s Well Notice on the liquid staking protocol Lido.

Thurman, on March 4, tweeted that $2 million worth of Wintermute’s LDO holding were traded via a wallet to the crypto exchange Coinbase, after the circulation of the rumor:

On Friday, David Hoffman, the crypto-culture anthropologist and crypto expert, commented during a video stream that “wells notices have been distributed everywhere”, adding that the Lido too “got one”.

Immediately after the news got publicized, Hoffman redressed the comment, clarifying that everything was a “rumor”, stating:

There have apparently been rumors of Lido being caught in the crosshairs of Gary the Destroyer. Members of the Lido team have reached out to me and said that this is false. I regret naming Lido specifically, since this whole thing is all ‘rumors’, and Lido doesn’t deserve to be focused on specifically here.

Significantly, he also commented that there are Wells Notices that are yet “unannounced” and added that “it’s impossible to tell how many, or how recently they’ve been served”.

As an aftermath of the rumor that spread widely on Twitter and other platforms, making the crypto community panic, Lido’s token LDO plummeted 10% on Saturday.

While writing about the $2 million worth of LDO trading by Wintermute, Thurman also noted that the platform still holds $21 million worth of tokens.

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