Wallets affiliated with Amber-Group and DCG are dumping this coin into the market as they buy million-dollar DYDX and BLUR.
Amber Group bought 400,000 DYDX and 1 million BLUR in the last 24 hours
According to Spot-On-Chain data, a wallet (0x011d) affiliated with the Amber Group purchased 400,000 DYDX (approximately $1.03 million) from Binance during the market crash over the past 24 hours. The company raised 1 million BLUR (about $607,000) from OKX in the second transaction.
DYDX purchase averaged $2.58, BLUR purchase averaged $6.01. Amber also transferred 1.68 million USDC to Circle in the last 5 hours. This trade weighed close to the day’s purchase of DYDX and BLUR.
https://twitter.com/spotonchain/status/1654416246652403712
Currently, 2 wallets owned by Amber hold 9.50 million units of BLUR (worth $5.46 million), while 3 wallets owned by the company hold a balance of 4.30 million units of DYDX ($10.74 million).
Alongside Amber’s acquisitions, DCG founder Silbert’s ETCG sales were also noteworthy today. As Cryptokoin.com reported, DCG has been in bankruptcy since late last year due to its close contact with US bankers.
DCG founder sells approximately 755,000 shares of Ethereum Classic
On May 5, DCG founder Barry Silbert sold approximately $755,295 worth of ETCG, according to sources. According to the SEC filing, this is the first time Silbert is selling Ethereum Classic trust shares with this transaction.
According to the filing, Silbert has sold 120,000 ETCGs with a total value of approximately $755,295. The ETCG sale represents a small portion of the fund’s $225 million assets under management and 14 million outstanding shares of which Silbert is a 10% shareholder.
DCG announced losses of over $1 billion in 2022
The cryptocurrency-focused venture capital firm reported a loss of $1.1 billion in 2022 in its February report. Some of the main reasons for the decline were the collapse of the crypto market and the bankruptcy of its subsidiary Genesis.
DCG ended the fourth quarter of 2022 with a loss of $24 million, with revenue of $143 million. Consolidated revenue for the full year reached $719 million. As of the end of December 2022, it had total assets of just $5.3 billion.
Additionally, Silbert has been on the target board in recent months due to DCG’s $630 million debt to Genesis’ Gemini. Earlier this week, the companies announced that they are entering a 30-day mediation process to settle the outstanding loan balance. “If DCG is unable to pay off and/or restructure its debt, DCG risks defaulting on its obligations,” Gemini said in a statement.
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