29 million NEO moved ($324 million); crypto Twitter goes into panic mode

23 May, 2019 | Updated: 23 May, 2019
by Will Heasman
Analysis
29 million NEO moved ($324 million); crypto Twitter goes into panic mode

Yesterday brought sheer panic to the followers of the Twitter account Whale Alert, as the account specifically set up for tracing (you guessed it) whales and their various movements, reported a mountainous 29.4 million NEO transaction directly from its developers account…

The movement warranted not one, not two, but 10 whole sirens(!); the transaction was instantly caught and placed in whale custody.

The total amount of NEO moved equated to 29% of the tokens total supply and cited a USD equivalency of $326 million. Understandably, some went straight into panic mode…

One user even suggested that this was the issue with ICO’s as a whole:

…. And then the transaction came back again. Literally 4 minutes later.

The only difference was that it’s USD value dropped by about $2 million, because the market is, what it is.

Users following the short drama, summed their feelings up pretty clearly:

One user suggested that this was part of NEO’s 32m locked supply:

Update:

Allaying investors minds, it was later revealed that NEO had released 5.5 million NEO to further build the NEO ecosystem:


A statement from the NEO team explained the reason for sending the 29 million NEO back and forth as a way to "differentiate the transactions for the community’s reference"

"On May 23rd, NF transferred 5,538,832 newly unlocked NEO to the unlocked address. The remaining 29,461,168 NEO were first sent to a change address before being transferred back to the locked address. This was done to differentiate the transactions for the community’s reference."

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