Whales holding Lido tokens have sold assets worth $10 million, leading to significant security concerns and price drops for the LDO token.
Whale Activities See $10M LDO Moved to Exchanges
Major holders of Lido, including DeFiance Capital's wallet, deposited 9.3 million LDO tokens into exchanges. This occurred following a security incident involving a compromised oracle key affecting validator Chorus One.
LDO Sees 10.37% Price Dip Amid Security Concerns
The immediate consequence was a sharp 10.37% drop in LDO prices. Market participants are troubled by both the token sell-off and ongoing security issues. Network metrics show declining activity, with daily addresses near 139 and transactions at a low 72.
Past Incidents Suggest Lido May Fortify Security
Lido's issue mirrors previous challenges faced during infrastructure attacks. Experts suggest that if historical patterns persist, Lido might reinforce security frameworks to regain trust and stabilize engagement metrics.
The sale of Lido tokens and the associated security issues highlight vulnerabilities in the network and the need for improved reliability.
