According to Onchain data, the organization, which is the investment arm of cryptocurrency exchange Binance and recently changed its name from Binance Labs to YZi Labs, may have sold altcoins.
Data shows that crypto wallets associated with YZi Labs deposited 1 million Axie Infinity (AXS) tokens worth approximately $2.39 million, 3 million Perpetual Protocol (PERP) tokens worth $560, and 1 million Tranchess (CHESS) tokens worth $50,000 to Binance.
All of these tokens are assets provided by the developers of these altcoins in exchange for the company’s investments and were recently unlocked.
Currently, YZi Labs, which made these transfers, no longer has any altcoins in its crypto wallets. However, these wallets once held a portfolio of various altcoins worth around $340 million. The company may have sold these tokens or transferred them to other crypto wallets.
The majority of crypto assets at the time were AXS. However, the price of AXS was around $150 at the time, and at the time of writing, it is trading at $2.68.
*This is not investment advice.
