• Written by: Will Izuchukwu
• Wed, 20 Mar 2024
•   United States

The decision by the recently popular memecoin SLERF to select LBank Exchange as its custodian for the donation address has raised eyebrows within the crypto community. LBank has faced serious allegations of misappropriating user funds in the past, casting doubt on its reliability as a custodian.  The recently popular MEMECOIN […]

Concerns Arise Over SLERFs Choice Of LBank Amidst Market Volatility

The decision by the recently popular memecoin SLERF to select LBank Exchange as its custodian for the donation address has raised eyebrows within the crypto community.

LBank has faced serious allegations of misappropriating user funds in the past, casting doubt on its reliability as a custodian. 

The recently popular MEMECOIN SLERF chose LBank Exchange as the custodian of the donation address. However, LBank was seriously suspected of misappropriating user funds before. It proposed to announce POR in 2022, but it was not until 2024 that only two hot wallets were

Wu Blockchain (@WuBlockchain) March 19, 2024

Despite proposing to announce Proof of Reserves (POR) back in 2022, LBank only revealed two hot wallets in 2024, containing a mere 25.79 Bitcoins. 

This delayed and insufficient disclosure has fueled skepticism surrounding the exchanges integrity and trustworthiness.

Amidst a significant downturn in the overall cryptocurrency market today, SLERF has defied the trend by experiencing a remarkable surge of over 120%. On-chain data has revealed the actions of a large investor who recently made a substantial investment of $2.3 million to purchase BOME tokens. 

This investor subsequently sold 14 million BOME tokens for 132,990 SLERF, with the selling price of BOME set at $0.0096.

Other Notable News Around Slerf Recent Attention And Market Buzz

The momentum behind SLERF received a boost when HTX announced the donation of SLERFs trading income.

Influential figures such as @beeple and Solana founder @aeyakovenko further amplified the excitement by retweeting relevant tweets with captions like THE RISE OF SLERF, contributing to a brief surge in SLERFs value, with prices exceeding $1 once again.

2 3.15 230 $BOME 1400 $BOME 132,990 SLERFBOME $0.0096

HTX $SLERF @beeple Solana @aeyakovenko $SLERF $1

Haee7H5bKDCnm6dXLkeR9DcWw9Puhnkwk71QBUSHcpUt pic.twitter.com/jzeAHfFtEX

Ai (@ai_9684xtpa) March 19, 2024

In addition to these developments, attention has been drawn to the actions of the largest buyer of SLERF tokens, who recently deposited a substantial amount of SOL to Binance. 

A fresh wallet withdrew 10,100 $SOL from #Binance and spent 10,000 $SOL to buy 2.39M $SLERF 5 hours ago.

After $SLERF surged again, he sold 1.43M $SLERF for 10,000 $SOL to get the principal back.

He currently holds 961,165 $SLERF($1.24M), which is pure profit! pic.twitter.com/RNplgReIB4

Lookonchain (@lookonchain) March 19, 2024

This individual, who withdrew significant sums from Binance and Kraken between January 30 and March 4, has demonstrated confidence in SLERFs potential by investing 35,953 SOL to acquire 8.2 million SLERF tokens, becoming the largest individual holder of SLERF.

The largest buyer of $SLERF deposited all 46,742 $SOL($8.6M) to #Binance 1 hour ago.

He withdrew 80,285 $SOL($8.1M) from #Binance and #Kraken at $101 from Jan 30 to Mar 4.

Then spent 35,953 $SOL($7.26M) to buy 8.2M $SLERF yesterday, becoming the largest individual holder of pic.twitter.com/xXxkwKWyiT

Lookonchain (@lookonchain) March 19, 2024

Meanwhile, another investor took advantage of SLERFs recent surge by strategically selling a portion of their holdings to recoup their initial investment.

With 961,165 SLERF tokens currently held, representing pure profit, this investor exemplifies the lucrative opportunities presented by SLERFs volatility and market dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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