Chainlink developers have sold some $40 million worth of link this month according to our blockchain analysis of their holdings.
They seem to be moving 500,000 links every week, with some going to Binance while some might be going Over the Counter (OTC) and then to Binance.
The above address received the funds through what looks like a bot automated setup which we will follow backwards from this address.
So interestingly we first have a stop address. 8,000 links are sent to this address six days ago, and then they just stay there for four days.
Meaning as we will see, it may well be all the funds have or are going to Binance. Then:
This is a typical address going through their 500,000 weekly movements, with they all looking kind of the same.
If we follow that very first one, 432k, it eventually breaks down to chunks of 1000 tokens or 2000s, which like that 8k address above, seem to no longer move.
So we looked around more and found this 8k address which probably explains very well why these funds are being chopped up and why it seems like they no further go anywhere, for a few days as afterwards they all probably go to Binance.
If we then go one step back, we get to the intermediary address which doesn’t seems to have anything interesting, it just obfuscates/confuses a bit more, and finally we get to where this started:
Chainlink’s price has gone up and up as you know while these devs have been selling with increased frequency as the price has progressed upwards.
For this address some 4 million links were sold in the past 90 days with the price changing in the meantime but it amounts to probably around $60 million or so.
During that flat line, it was another address doing this dumping, coincidentally in the same month of last year as well during August when some half a billion paper value was wiped out off Chainlink during devs dumpings.
There are some six such addresses as can be seen if we go one final step back to the initial distribution of this token:
350 million was distributed to the public, 350 million was locked, and then we have the 300 million for the devs split in 6 sets of 50 million.
All of them still have the 50 million intact except the one we analyzing, which is the very first one listed above, and the nicely named 0xdad.
It is probable these belong to the Chainlink devs as a whole rather than any specific individual as the actions seem to be far too uniform.
With it unclear what they plan to do with all this money presuming they bought the yachts and lambos last year.