Hedge Fund Three Arrows Capital’s liquidator, Teneo, has reportedly transferred 2.18 million STRK tokens, valued at around $2.63 million, to Binance over the past three days. According to a blockchain analytics platform Spot On Chain post on X, Teneo still holds 130 million STRK, estimated to be worth $157 million.
Chinese crypto reporter Colin Wu provided additional details on Teneo’s strategic movements with STRK tokens. Teneo, which holds a significant portion of 3AC’s STRK tokens, has become the second-largest non-team/CEX STRK-holding wallet.
As of the latest data, Starknet token (STRK) is trading at $1.23, reflecting a slight 2.27% decrease over the past 24 hours. However, the token has shown positive momentum over the past week and month, increasing by 6.10% and 3.88%, respectively.
STRK currently ranks 68th on CoinMarketCap, with a market capitalization of $1,408,958,143. A significant 24-hour trading volume decline of nearly 50%, now at $157,940,550, indicates decreased activity within the ecosystem.
A February 2024 report revealed that an address identified as “Teneo: 3AC Liquidation” holds more than $602 million in crypto assets. The wallet’s holdings include 75 million WLD tokens, valued at $567 million, making up 94% of the total assets, along with 8.437 million DYDX worth around $26.91 million, 160,000 AXS worth over $1.3 million, and 5.75 million USDC. The report also noted that 3AC creditors are among the largest holders of Worldcoin tokens (WLD).
The transfer of STRK tokens to Binance raises questions about Teneo’s intentions, which could involve liquidating the tokens to pay off creditors or strategizing to maximize the remaining assets’ value.
May 2024, Cryptoniteuae
