The short story of GoldenTree selling $SUSHI

CoinAngel | GMB LABS

|

General

2023-03-23

Today, SUSHI was sold on a wallet owned by GoldenTree, let’s talk about it briefly.

BUY

GoldenTree is a ~$50bn privately owned asset manager that is well known for investing globally in corporate credit, distressed credit, credit structured products, and emerging markets. They announced their intention to invest on the sushi forum in October 2022.

Looking at their wallet addresses, they were constantly buying and staking SUSHI, owning it in the form of xSUSHI.

SELL

My guess is that it’s because Sushi, and Head Chef Jared Grey, were recently served with an SEC Subpoena, as posted on the Sushi forum yesterday.

the transaction, we can see that it went through two contracts in their wallet and was eventually deposited into Binance.

Tx list:

  1. https://etherscan.io/tx/0x370de96902a9c35141b32c8143eb50d2a9f162d78bdad0cc35260c1a3cf86869

  2. https://etherscan.io/tx/0xac5b98c60f3cf906ae80360dbf625ac623114b32ef16a2c75a9d280b25057cf3

  3. https://etherscan.io/tx/0x30facf28521ae1b2829ee3c615c7fbc415f160f90554a70c548229a07bd25f8c

Furthermore, look at Binance’s funding history, we can see that after GoldenTree’s SUSHI deposit, it dropped dramatically. This suggests that they were selling SUSHI and hedging with a short position in Futures.

They still have about 3.5 million (~$3.6M) SUSHI in their wallets. If this also leads to a sell-off, we could see a big drop in SUSHI, so be careful with your investments. GL:)

Latest

©2021-2024. GMB LABS

©2021-2024. GMB LABS