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Amber Group’s Large Transactions Raise Eyebrows in the Crypto World

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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\”, …

Amber Groups Large Transactions Raise Eyebrows in the Crypto World

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.

After the “Paxos event”, Amber Group proposed crypto assets worth nearly US $25 million from Coin Security

Interpretation of the news:


Amber Group, a leading crypto finance service provider, has reportedly moved a substantial amount of USDC (US dollar-backed stablecoin) between different exchanges, raising concerns among investors and analysts. The transactions were disclosed on the Etherscan blockchain explorer and first highlighted by Tom Wan, a research analyst at 21.co, the parent company of 21Shares.

According to Wan’s post on social media on February 14, Amber Group transferred USDC worth $20.75 million from an unknown Coin Exchange to Coinbase, one of the largest US-based cryptocurrency exchanges. The company then deposited USDC worth $14 million in Coinbase, leaving the remaining $6.75 million unaccounted for. The purpose and origin of these transfers remain unclear, but some have speculated that it could be related to a large institutional investor’s trade or simply a liquidity move.

In addition to the USDC transactions, Amber Group also withdrew other cryptocurrencies from Coin, including FET (Fetch.ai token) worth $3.8 million, GRT (The Graph token) worth $295,000, and USDT (Tether stablecoin) worth $99,000. These transfers could also be related to trading activities or portfolio rebalancing by the firm.

The “Paxos incident” referred to in Wan’s post relates to a recent glitch in Paxos’ back-end systems, which caused an unusual delay in the release of USDC funds to some of their clients, including Amber Group. This delay could have been a factor that prompted the company to move a large amount of USDC to another exchange, but it’s unclear if there is any direct correlation.

The large transactions by Amber Group have sparked some concerns in the crypto community, with some analysts questioning whether the firm has enough liquidity to back its trading activities. Given that USDC is a stablecoin pegged to the US dollar, any significant move in and out of the token could potentially lead to market disruptions and volatility.

In conclusion, Amber Group’s recent transactions have raised eyebrows in the crypto world, with investors and analysts eager to learn more about the firm’s activities and motives. While the exact reasons behind these transfers remain unknown, they highlight the importance of transparency and accountability in the fast-evolving world of cryptocurrency.

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