Sigil Fund Suffers Major Loss on SYN Investment
A wallet linked to Sigil Fund has made a significant and potentially costly move. Just hours ago, the wallet, with the address 0xcc08c2610f799c73aa5475807f74e8162020a909, transferred 1.72 million Synthetix (SYN) tokens to Binance. With SYN currently trading at around $0.351, this amount equates to approximately $604,000.
The decision to liquidate such a large SYN holding is puzzling given the wallet's previous activity. On January 24th and 26th of this year, the same wallet acquired 1.72 million SYN tokens from Binance at an average price of $0.808, totaling roughly $1.39 million. If these tokens are being sold at the current market rate, Sigil Fund could be facing a substantial loss of approximately $789,000, representing a 56.6% decline in value.
The crypto community is abuzz with speculation about the reasons behind this dramatic downturn.
