In a significant development, three wallets—0x76e, 0xc49, and 0xfcc—belonging to the same entity, have collectively deposited 866 million REEF tokens (valued at $2.07 million) to HTX, KuCoin, and Gate.io over the past two hours, resulting in a substantial loss.

These wallets were initially funded with 0.1 ETH each by the same source, 0x046410b34990D1c10019CB647aEeb6E968286266, suggesting they are controlled by a single entity.

Between September 23 and October 12, 2024, these wallets withdrew a total of 955.549 million REEF from Gate.io at an estimated cost of $5.06 million, with an average price of $0.005 per token.

However, after a steep 71.8% price drop within 27 hours, they deposited 866 million REEF back to exchanges at an average price of just $0.002, incurring a staggering joint loss of $2.53 million, representing a 55% decline in value.

The $REEF price further plunged by 58% today, wiping out a month's worth of gains in just over a day!

Three wallets (one entity) appear to have panic-sold 866M $REEF ($2.07M) to #HTX, #KuCoin, and #Gateio in the past 2 hours, allegedly losing $2.53M (-55%).

Currently, they hold… pic.twitter.com/KWtgfgiwtu

— Spot On Chain (@spotonchain) October 16, 2024

Currently, the wallet “0xfcc” holds the remaining 89.45 million REEF tokens, valued at around $204,000. However, this wallet is still facing an unrealized loss of approximately $270,000, reflecting the ongoing challenges faced by this entity.

This sequence of actions raises questions about the strategy behind these deposits and whether the entity is accepting these losses to exit positions amid the token’s price collapse. The massive sell-off of REEF at a significant loss highlights the volatile nature of the market, as well as the risks involved when large token holders attempt to liquidate sizable positions in a short period.

The sudden drop in REEF’s price and the entity’s massive loss serve as a cautionary tale for traders and investors in the volatile world of cryptocurrency.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: kebox/123RF // Image Effects by Colorcinch

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