A certain new wallet, after receiving a cross-chain transfer of 9.3 million KTA and 2 billion GALA, sold off the tokens, leading to a significant price drop, suspected to be a cash-out maneuver.

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BlockBeats News, August 19th, according to LookIntoChain monitoring, a newly created wallet received 9.3 million KTA tokens (approximately $685,000) and 2 billion GALA tokens (approximately $3 million) through a cross-chain bridge, and subsequently sold these tokens in exchange for 1902 ETH (approximately $3.64 million).

This large sell-off triggered a significant market volatility. According to HTX market data, the price of KTA plummeted by 37%, while the price of GALA dropped by 15%.

Source: BlockBeats

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