After the “Paxos event”, Amber Group proposed crypto assets worth nearly US $25 million from Coin Security
On February 14, according to Tom Wan, a research analyst at 21. co, the parent company of 21Shares, disclosed on social media that after the “Paxos incident”, the data on Ethersacan chain showed that Amber Group transferred USDC worth 20.75 million from the Coin Exchange, and then deposited USDC worth 14 million in Coinbase. In addition, Amber Group also extracted FET of US $3.8 million, GRT of US $295000 and USDT of US $99000 from Coin.
Interpretation of this information:
On February 14, Tom Wan, a research analyst at 21.co, made a social media post disclosing that there was a significant transfer of USDC from Amber Group following the “Paxos incident.” The data on the Etherscan chain showed that the transfer was worth $20.75 million and proceeded to deposit $14 million on Coinbase. Furthermore, Amber Group also extracted FET, GRT, and USDT from Coin, amounting to $3.8 million, $295,000 and $99,000, respectively.
The “Paxos incident” refers to a temporary halt that occurred in the trading of Paxos, a stablecoin tied to the US dollar, due to a system glitch on February 8. This glitch disrupted the pricing mechanism of the cryptocurrency, causing its trading to come to a temporary standstill. It is unclear how this incident affected Amber Group and its transfers of USDC and other cryptocurrencies.
Amber Group is a global crypto finance service provider that offers automated trading, lending, and electronic market-making services. Its website states that Amber Group is a pioneer in crypto finance, having been established in 2017. The company aims to provide reliable and secure crypto finance services to help users manage their digital asset portfolios.
The transfer of USDC from Amber Group could signify the company’s movement to deposit more assets in Coinbase, which is one of the most popular cryptocurrency exchanges globally. The extraction of FET, GRT, and USDT also suggests that Amber Group might be actively managing its digital assets.
In conclusion, on February 14, it was disclosed that Amber Group transferred $20.75 million worth of USDC and extracted three other cryptocurrencies worth a total of $4.1 million following the “Paxos incident.” The exact reason for this transfer and extraction remains unknown, but it could indicate that Amber Group is actively managing its digital asset portfolio.
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