On August 19, according to monitoring by Lookonchain, a newly created wallet received 9.3 million KTA (approximately $685,000) and 2 billion GALA (approximately $3 million) through a cross-chain bridge, and subsequently sold these tokens for 1,902 ETH (approximately $3.64 million). This large-scale sell-off triggered significant market volatility, with HTX market data showing that the price of KTA dropped by as much as 37% and GALA's price fell by 15%.
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New Wallet Sells 9.3 Million KTA and 2 Billion GALA After Cross-Chain Transfer, Suspected Cash-Out Causes Token Plunge
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