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CHZ Price Plunge: What’s Behind Chiliz’s Sudden $3.5 Million Move?

Published 11/10/2023, 07:42
Updated 11/10/2023, 07:45
CHZ Price Plunge: What’s Behind Chiliz’s Sudden $3.5 Million Move?
CHZ/USD
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Coin Edition -

  • $200,000 worth of CHZ out of the $3.5 million was traced to Binance.

  • CHZ fell from $0.060 to $0.056 as a result of this activity.

  • While the EMA showed bearish signs, traders are opening long positions.

On-chain data from Arkham Intelligence revealed that Chiliz’s (CHZ) purpose for withdrawing $3.5 million from its multi-sig wallet has been identified. On October 9, pseudonymous Chiliz fan Playmaker disclosed that the sports-based blockchain project withdrew the said amount from one of its most secure wallets.

The transfer was the second largest transfer by Chiliz in recent times after a similar withdrawal one month ago. As of October 9, the reason for the withdrawals was largely unknown. However, in a follow-up on the matter, Playmaker got information from Arkham Intelligence that some of the CHZ tokens were sent into the Binance exchange.

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