The largest crypto exchange in South Korea, Upbit, has reported significant transfers of the Shiba Inu cryptocurrency from its deposits to its hot wallet.
Shiba Inu Activity on Upbit
According to Arkham Intelligence data, Upbit has observed increased activity with the Shiba Inu (SHIB) cryptocurrency. Large amounts of SHIB have been moved from the exchange's deposits to its hot wallet, drawing immediate attention.
What Might the Surge Imply?
SHIB made it into the top 20 cryptocurrencies by volume on Upbit over the last 24 hours. This is likely due to internal exchange operations. Upbit remains one of the largest holders of SHIB, with its wallet "0x02E" holding 47.11 trillion SHIB, amounting to 4.71% of the total token supply.
Regulators on Watch
Changes in South Korea's regulatory environment are drawing increased scrutiny on exchanges. Upbit has maintained its reputation by denying accusations of charging token listing fees. Meanwhile, regulators have announced plans to block the websites of certain crypto exchanges for operating without a VASP license.
The activity with SHIB on Upbit raises many questions, especially in the context of recent regulatory changes in South Korea's crypto industry.
