The official Shiba Inu (SHIB) X account sparked security concerns after promoting suspicious third-party tokens on July 10. This was followed by the U.S. government transferring massive amounts of seized SHIB tokens to exchanges on July 17. By July 18, exchange outflows surged by over 126%, coinciding with a return of price volatility and heightened on-chain activity.
SHIB exchange outflows spiked by 126%, signaling a shift toward self-custody as on-chain activity and price volatility return to the meme coin.
Read the full storyUS authorities moved a significant portion of SHIB tokens seized during the FTX bankruptcy to exchanges, potentially signaling an intent to liquidate assets.
The official SHIB account, with 3.8 million followers, began promoting obscure low-cap meme tokens, raising alarms over a potential security compromise.