The transactions of ‘whales’ – large-scale investors – often set the tone for market trends. So far, recent on-chain data from Lookonchain, a renowned on-chain analytics platform, has unveiled a notable accumulation pattern in four specific altcoins.

Maker (MKR), ssv.network (SSV), Coin98 (C98), and RSS3 have emerged as the latest targets of these accumulative efforts. The data shows a series of substantial withdrawals of altcoins from Binance, a leading crypto exchange, hinting at a growing interest in these altcoins among heavyweight investors.

Notably, this trend of whale accumulation is not just a fleeting occurrence but a concerted effort that has been unfolding over recent months.

Diving Deep Into Whale Transactions: A Closer Look at the Accumulated Altcoins

The analysis by Lookonchain reveals intriguing details about the accumulated assets. A new wallet, identified as “0xB4aE”, mainly made waves by withdrawing 10 million RSS3 tokens, valued at approximately $1.44 million, from the OKX exchange.

This transaction underscores the growing interest in RSS3, a lesser-known crypto asset. In parallel, another prominent wallet, dubbed “0xb6a7”, substantially withdrew 114,227 SSV tokens from Binance, amounting to a value of about $1.93 million.

1/ We noticed that whale/fresh wallets are accumulating $MKR, $SSV, $C98 and $RSS3. pic.twitter.com/AOIlNTVyux

— Lookonchain (@lookonchain) November 22, 2023

This same investor also transferred 2.77 million C98 tokens from Binance, signaling a bullish stance on these specific altcoins. It is worth noting that these transactions exemplify the strategic moves by whales, often aimed at leveraging market dynamics to their advantage.

The Maker (MKR) Movement: Whale “0x9e74 Leads the Charge

One of the most significant players in this scenario is the whale wallet “0x9e74”. Since July 2023, this investor has consistently withdrawn Maker (MKR) tokens from Binance, totaling roughly 4,776 MKR.

The most recent transaction involved moving $1.7 million worth of MKR from the exchange, bringing the total worth of MKR withdrawn by this investor to about $6.9 million. This consistent and targeted accumulation of MKR suggests a strong confidence in the future of this particular altcoin.

The Maker token, part of the MakerDAO ecosystem, has been a subject of interest, mainly due to its role in decentralized finance (DeFi) as a lender.

These large-scale movements by whales underscore a broader trend within the crypto world, where informed players are increasingly steering towards altcoins with strong fundamentals and potential for substantial growth.

Amid the accumulation of the altcoins above by whales, RSS3 and Maker are still the top gainers, with both altcoins seeing a surge in price by 34.8% and 10.7%, respectively, over the past two weeks.

The remaining two altcoins, however, have seen slight gains and decline, with SSV seeing a mere 4.8% increase and C98 seeing an 8.6% plunge over the same period.

Featured image from iStock Chart from TradingView

Binance has pleaded guilty to breaking US money laundering laws. The US Department of Treasury has highlighted all the criminal failings of Binance, charging the exchange for its negligence in reporting illicit transactions that occurred on its platform. 

Charges For Unreported Terrorism Transactions

The United States Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), has taken legal actions against Binance and its CEO, Changpeng Zhao. 

The enforcement agency charged the exchange with violating US money laundering laws. Following his indictment, Zhao has pleaded guilty and resigned from his position as CEO. The crypto exchange has also agreed to settle charges of $4.3 billion. 

The Secretary of the US Treasury Janet L. Yellen stated that the crypto exchange failed to comply with US laws in pursuit of profits, allowing illicit transactions to occur within its platform. 

“Binance turned a blind eye to its legal obligations in the pursuit of profit. Its willful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform,” said Yellen. 

The charges Binance faces include a failure to establish and maintain an anti-money laundering program to protect its customers and the American National Security. 

According to the enforcement agency, the exchange willfully neglected to present information regarding a series of transactions executed on its exchange linked to terrorist groups such as Islamic State of Iraq (ISIS), Al Qaeda, Hamas’ Al-Qassam Brigades, and the Palestinian Islamic Jihad (PIJ).

“Binance willfully failed to report well over 100,000 suspicious transactions that it processed as a result of its deficient controls, including transactions involving terrorist organizations, ransomware, child sexual exploitation material, frauds, and scams,” the FinCEN stated.

Transactions On Child Porn Linked To Binance Exchange

Among its long lists of charges, the FinCEN has also called out Binance’s non-compliance in reporting illicit transactions that involved the spread of child pornography and sexual abuse materials on major websites. 

“Child Sexual Abuse Materials. Binance never reported transactions with websites devoted to selling child sexual abuse materials, including Dark Scandals,” the FinCEN said. 

Binance has also failed to disclose information on transactions involving ransomware, fraud-related services, illegal narcotics, large-scale hacks, and scams.

In response to the exchange’s numerous non-compliance violations, Janet L. Yellen has marked the enforcement actions towards Binance as an important moment in the digital asset industry.

She has given a stern warning to institutions that benefit from the US to diligently adhere to the country’s rules to ensure citizens are safe from terror threats and other criminal activities. 

“Today’s historic penalties and monitorship to ensure compliance with U.S. law and regulations mark a milestone for the virtual currency industry. Any institution, wherever located, that wants to reap the benefits of the U.S. financial system must also play by the rules that keep us all safe from terrorists, foreign adversaries, and crime, or face the consequences,” Yellen stated.