A large altcoin transfer from the wallet of Simon Kim, CEO of Hashed, a leading cryptocurrency venture fund, to the cryptocurrency exchange Binance has caught the attention of the crypto community.
Hashed Moves Large Amount of SAND Altcoins to Binance
The bulk of the coins were SAND, the native token of The Sandbox, a popular blockchain-based gaming platform.
Blockchain data shows that Kim moved 23.13 million SAND tokens, worth approximately $12.73 million, from his wallet to three separate Binance deposit addresses this morning.
This accounted for 15.12% of $SAND's total trading volume in the last 24 hours. In the backlash following the transfers, the price of SAND fell by 2%. However, the token has recovered more and is trading in the green zone today.
Hashed was one of the first investors of The Sandbox and received a large amount of SAND tokens from the development team. Kim currently has 35.64 million SAND tokens in his wallet worth approximately $19.62 million.
Kim did not publicly comment on the reasons for this move, which includes the C98 and LOKA altcoins.
The Sandbox is a virtual world where users can create, play and monetize their own games and experiences using SAND tokens.
At the time of this writing, the SAND price is trading at a 1% higher level, at $0.55, despite the drop it experienced during the day.
*Not investment advice.