“Not a sell-off”: Ethena CEO says investor’s on-chain moves were a security precaution

Ethena founder and CEO Guy Young has said that the large investor onchain transfers that occurred over the past 48 hours were a defensive move tied to the recent Ledger hardware wallet scare. He wrote in a post on X that it is not a sign the holder is dumping tokens. ENA holders who had spotted the activity had feared a whale was heading for the exit. Young confirmed in his X post that the moves were “a security precaution related to the recent hardware wallet concerns, not coins being moved and sold.” Users had raised alarms about a major…

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