A blockchain address believed to be linked to the Lido team transferred over 21 million Lido DAO (LDO) tokens to centralized exchanges last week, causing concerns among investors as the token’s price dropped sharply.
Dubious Lido Team-Linked Wallet Transfers $21 Million Worth of LDO to Exchanges Amid Price Drop
According to blockchain analytics platform EmberCN, the wallet moved 3.5 million LDO (worth around $3.1 million) to Binance, OKX, Bybit, and Gate.io today alone. This brings the total amount transferred over the past six days to 21.31 million LDO, worth around $21.24 million at the time the transactions were made.
During this time, the price of LDO dropped by 24%, from $1.16 to $0.88, leading to speculation that the sell-off could be adding to the downward pressure on the token.
The address in question has not been officially confirmed to belong to Lido Finance or its team, but the scale and timing of the transfers have caught the attention of on-chain analysts and the broader crypto community.
Lido is one of the largest liquid staking protocols on Ethereum, and LDO is its governance token. Large movements of tokens held by the team, especially to exchanges, are often interpreted by the markets as potential sell-offs. Especially when accompanied by price drops.
At the time of writing, Lido has not made any public statement regarding wallet activity or whether the address is officially affiliated with the project.
Investors and analysts are closely following developments and possible confirmations from the Lido team.
*This is not investment advice.
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