Following the price movement, another notable development came from a wallet allegedly linked to Lisk management. According to the data, approximately five hours after the sharp rise, an address believed to belong to Lisk CEO Max Kordek transferred 3.3 million $LSK to Binance. The value of the transferred tokens at the time was estimated at approximately $3.79 million. It was claimed that this address used the same Binance deposit address previously used by the Lisk CEO for gas fees.
The activity at $LSK coincides with the ongoing comprehensive transformation process within the Lisk ecosystem. Lisk had previously announced it would shift its focus to a treasury and fund operations platform for business finance teams. As part of this plan, Lisk Chain is scheduled to be shut down on October 31st, with existing applications available to migrate to the Celo network if desired.
In addition, Lisk DAO accepted the proposal to terminate the DAO structure. The project also initiated the process of burning 100 million $LSK. If the plan is completed, the total supply of $LSK is expected to decrease from 400 million to 300 million units.
*This is not investment advice.
