Significant Transfers of GMT and UNI by Binance Labs and Coinbase Engineer

An address linked to the venture firm Binance Labs transferred 9.33 million tokens of the M2E project STEPN (GMT), valued at $3.14 million, to a Binance deposit account.

Wallet 0x2e5 (likely @BinanceLabs) deposited 9.33M $GMT ($3.14M) to #Binance 9 hrs ago.

Binance Labs, a strategic investor in @Stepnofficial, has allegedly vested 37.1M $GMT since Jul 2023 at ~$0.24 then deposited 28.1M $GMT to Binance at ~$0.23.

Now holds 9M $GMT ($3.04M).… pic.twitter.com/palgEKVwCt

— Spot On Chain (@spotonchain) April 2, 2024

According to analysts from Spot On Chain, the company’s wallet still holds 9 million GMT worth $2.8 million.

Binance Labs is a strategic investor in STEPN. Since July 2023, the firm has accumulated 37.1 million GMT at an average price of $0.24, subsequently transferring 28.1 million GMT to Binance at $0.23 per token.

Amid the movement of coins and a general market correction, the STEPN token fell nearly 9% in a day—from $0.34 to $0.31.

Journalist Colin Wu also identified suspicious movements of 1.6 million Uniswap (UNI) tokens, valued at $19.7 million, to a Coinbase Prime account. On-chain data suggests the transaction was made from an address allegedly belonging to former senior software engineer at Coinbase, Max Blaushild.

Today’s address 0x08…CDA3 transferred 1.6 million UNI ($19.7 million) to Coinbase Prime, and Arkham tagged Max Blaushild, a suspected former Coinbase senior software engineer. The UNI held by this address 0x08…CDA3 was originally unlocked from the Uniswap treasury in September…

— Wu Blockchain (@WuBlockchain) April 2, 2024

The funds sent were initially unlocked from the Uniswap treasury in September 2020.

UNI prices dropped 9% over 24 hours, with the asset trading at $11.34 at the time of writing.

In late March, a dormant wallet, inactive for about 12 years, moved all its 500 BTC, worth nearly $35 million, to several new addresses.

In January, analysts at CryptoQuant noted the movement of 49,866 BTC that had been “asleep” for more than five years. However, the coins were not sent to an exchange.