Over 24.9 Trillion SHIB Flows Out of CryptoCom to Unknown Wallet. CEO Explains Reason

Over 24.9 trillion SHIB tokens have been reportedly moved from CryptoCom, a major crypto exchange, to a wallet of unknown origin.

According to Whale Alert, the tracker of large cryptocurrency transactions from and to exchanges, the volume of Shiba Inu tokens on the move was relatively $270 million, which represents 4.22% of SHIB’s circulating supply and 46% of the exchange’s total reserves in that token.

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What CryptoCom CEO Says about the Massive Transaction?

In a tweet this morning, Chris Marszalek, the CEO of CryptoCom, explained the reason behind the massive outflow of Shiba Inu (SHIB) to unknown addresses.

According to Marszalek, standard custody operations are being conducted on CryptoCom to ensure the safety and security of the funds, which is attributed to the reason for the movement of SHIB tokens in trillions.

Read Also: Binance Now Holds 78.5 Trillion Shiba Inu (SHIB) on Behalf of Users

The CEO also stated that the activity is not expected to affect the exchange’s clients, adding that an update on Crypto.Com assets will soon be released. He concluded that there is no reason to spread FUD (fear, uncertainty, and doubt).

Following the whopping transfers, the address, which received 24.9 trillion SHIB, became the fourth largest holder of Shiba Inu tokens, according to Etherscan. Ahead of the address are only two hot wallets of another major exchange, Binance. The first place, however, is after the dead address dedicated to SHIB burning. It now holds 410.34 trillion Shiba Inu tokens.

At the time of writing, $0.00001071, with a relatively 3% price downtrend based on 24-hour estimation.

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