BitForex Founder Moves $1M in WLFI to Binance Amid Ongoing Scrutiny
BitForex founder Garrett Jin has moved $1 million worth of WLFI tokens to Binance, according to on-chain data analyzed by EmberCN. The transfer occurred six hours ago and may signal an intention to sell, potentially realizing a loss of around 40% from the original purchase price.
The transfer is notable because it comes amid ongoing scrutiny of BitForex, which has been accused of fraudulent activities. In February, Jin's address withdrew 313 million WLFI tokens from Binance when the token was trading near $0.10, valuing the withdrawal at around $31.89 million.
The current market price of WLFI is $0.05952, up 3.38% over the past 24 hours. If Jin sells the deposited tokens at this price, he would incur a significant loss. Large transfers to exchanges often precede sell-offs, which can add downward pressure on the token's price.