PENGU Team Transfers Over $66M to CEXs, Raising Investor Concerns - Crypto Economy

TL;DR

• The PENGU team has moved over $66 million worth of tokens to centralized exchanges in just one month, sparking debate among traders.
• Alongside these transfers, a wave of scams using dust tactics and fake tokens is targeting unsuspecting holders.
• Despite the concerns, PENGU’s price keeps rising, showing resilience and strong interest from parts of the market.

A significant volume of PENGU tokens has been transferred from the project’s deployment address to various centralized exchanges over the last month. On July 28, blockchain analyst EmberCN, referencing Arkham Intelligence data, confirmed that more than 206.9 million PENGU tokens—valued at nearly $8.91 million—were moved to exchanges in the last 24 hours alone. This adds to a total exceeding 2 billion tokens, estimated at about $66.6 million, shifted by the team since late June.

Transfers of tokens to exchanges often raise red flags among investors, as they typically suggest that holders may be looking to cash out. Still, some argue that these movements might serve operational or liquidity purposes, especially for a growing project navigating a volatile market.

PENGU Token Price Keeps Climbing Despite Transfers

Interestingly, the price of PENGU has continued its upward trend. According to recent market data, the token is trading around $0.04278, up over 3% in the last 24 hours. Over the past week, PENGU has gained 17%, while its value has surged by approximately 230% in the last month. Such performance indicates robust demand and a solid base of traders who see long-term potential despite short-term uncertainty.

While the bullish momentum has encouraged some, it has also attracted malicious actors. Security experts from Pudgy Penguin have sounded the alarm over a fresh scam campaign. Fraudsters are using dusting techniques, sending tiny amounts of PENGU tokens with vanity addresses that double as fake web links. Unsuspecting users searching for these addresses on Solscan risk clicking phishing links that imitate the project’s branding.

Security Expert Warns Of Growing Phishing Attempts

Beau, a leading security specialist at Pudgy Penguin, emphasized that no legitimate PENGU airdrop is active and urged users to avoid interacting with suspicious tokens. Another trap involves counterfeit tokens engineered as honeypots, which lock users’ funds when swapping.

As PENGU’s profile grows, so does the sophistication of these threats. Investors are encouraged to stay vigilant, double-check token origins, and never engage with unsolicited airdrops. Despite the challenges, the crypto sector remains optimistic about the innovation and resilience shown by teams like PENGU’s.