Former Ontology Co-Founder Transfers $15.65 Million in ETH to Binance, Incurs $1.62 Million Loss

On January 16, COINOTAG News reported an intriguing development involving @Andyjzd, the former co-founder of Ontology. On-chain analyst Yu Jin highlighted that Arkham Tag linked to @Andyjzd’s jitrust.eth address executed a redemption of 4,669 ETH (approximately $15.65 million) from Lido, subsequently transferring this amount to Binance within a span of 20 minutes. Notably, these ETH assets were originally withdrawn from Binance around six weeks prior at a peak price of $3,708. The recent transfer occurred at a lower price point of $3,352, which resulted in a considerable loss of $1.62 million for the former co-founder. This transaction underscores significant market volatility and highlights potential risks for crypto investors navigating substantial market fluctuations.