Polychain Capital’s Significant PENDLE Movement Amid Market Activity

A wallet associated with Polychain Capital recently made a notable deposit of 1.71 million PENDLE tokens (valued at $6.97 million) to Binance, occurring nine hours ago.

This movement follows an earlier withdrawal of the same amount from Binance, valued at $11.4 million, between April 6 and April 22. Should the tokens be sold at the current value, Polychain Capital stands to incur a significant loss of approximately $4.4 million.

A wallet related to Polychain Capital deposited 1.71M $PENDLE($6.97M) to #Binance 9 hours ago.

The wallet withdrew 1.71M $PENDLE($11.4M) from #Binance at $6.67 between Apr 6 and Apr 22.

He would lose ~$4.4M if sold.

Address:
0xe6757328394817D4F4a23D6f9ba7817d493D953d pic.twitter.com/qL7gR5ulOA

— Lookonchain (@lookonchain) July 24, 2024

In a related incident, Scam Sniffer reported that an individual lost $4.69 million worth of Pendle re-staking tokens due to a phishing attack. The victim fell prey to multiple Permit phishing signatures, highlighting the ongoing risks in the DeFi space.