Upbit Rebalances 864B SHIB in Internal Wallet Move, Not Selloff

South Korean exchange Upbit has reorganized 864 billion SHIB between internal wallet addresses in a large on-chain movement.

The transfer involved moving 384 billion SHIB from Upbit's hot wallet address 0x769 to related platform addresses through four transfers of 96 billion SHIB each, and another 480 billion SHIB moved back to the same hot wallet.

The total value was approximately $4 million, and the movement followed a 36% SHIB rally that made traders more sensitive to large wallet activity.

The exchange explained that large wallet movements are not automatically dumps or customer withdrawals, but rather part of normal operations as exchanges regularly rebalance hot and cold wallets.