Over the last three days, Teneo, the liquidator for Three Arrows Capital (3AC), a now-defunct hedge fund, has transferred 2.18 million STRK tokens valued at about $2.63 million to Binance. This development is significant in the crypto space since Teneo currently holds 130 million STRK tokens which cost as much as $157 million.
Colin Wu, a Chinese crypto reporter laid bare Teneo’s actions saying that it had become the second-largest non-team/CEX holder of STRK after the liquidator took a considerable part of all STRK that belonged to 3AC.
The current market price for Starknet token (STRK) is $1.25 with a capitalization of $1.4 billion making it number 68 on CoinMarketCap Data. For both week and month, however, despite a slight decrease of 2.27% within twenty-four hours this digital asset has gained in value by 6.10% and 3.88%.
This move by Teneo has ignited rumors about its intentions; some argue that Teneo may sell these tokens to pay off debts while others point out that it might be aimed at increasing profit from other assets yet remains with liquidators.
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Read More: Teneo Transfers 3AC’s STRK Tokens to Binance