A Binance Labs wallet tagged by Nansen today transferred its entire holdings of 96.67 million HOPR tokens, valued at approximately $3.7 million, to a Gate.io wallet.
When cryptocurrencies are shifted to a centralised exchange, it often signifies a potential sell-off in the making.
Binance and HOPR previously announced Binance Labs’ leading role in a $1 million investment round for HOPR in 2020.
The investment consortium includes Focus Labs, Spark Digital Capital, Caballeros Capital, and Synaitken.
HOPR, the blockchain project in question, provides tools and frameworks for the Web3 ecosystem.
The organisation purportedly seeks to create a decentralised internet that empowers individuals with control over their privacy, data, and identity.
HOPR’s privacy network hinges on a globally distributed network of mix nodes.
To encourage and facilitate the growth of the community supporting this network, HOPR is gearing up to introduce a plug-and-earn mix node that can run on a mini PC.
Interestingly, Binance Labs only received the first tranche of HOPR tokens two years ago.
Blockchain records indicate that the wallet received approximately 24 million HOPR tokens in the first tranche.
Subsequently, this Nansen-tagged Binance Labs wallet received an additional amount of about 24 million HOPR tokens about three months later.
The most recent transaction, involving the receipt of approximately 48 million HOPR tokens, occurred roughly eight months ago.