This Altcoin’s Two-Year Dormant Developer Wallet Transfers $331 Million in Funds: Preparing for Unlock?

dYdX Foundation transferred a total of 141.53 million DYDX, corresponding to $331 million, to new cryptocurrency addresses.

The first address, known as dYdX Foundation 0xf95, transferred all of its 112.87 million DYDX ($264 million) to a new address, 0xe1b. This is particularly notable because address 0xf95 had been dormant for almost two years before making this move.

It is worth noting that while 102.5 million DYDX, or 10.25% of the total supply, was expected to be unlocked last January, this decision was postponed until December 1, 2023. This postponement decision caused the price to increase by 87% within a week.

The second address involved in the incident was identified as dYdX: Token Wallet 0xcc9. 28.66 million DYDX ($67.1 million) was transferred to a new address, 0xf4d. Despite this transfer, dYdX: Token Wallet 0xcc9 still holds a significant amount of DYDX of 28,661,255 DYDX ($68.2 million).

At the time of writing this article, DYDX price is trading at $2.46, with an increase of 38% in the last year.

*This is not investment advice.