Fresh movement across wallets tied to the failed Libra meme token has renewed concerns about insider control and on-chain oversight. The renewed activity began shortly after Solana fell below $130, drawing immediate attention from analysts who monitor dormant insider addresses.
The transfers involved large amounts of USDC, and the funds moved into Solana during the recent market dip. The pattern added another layer to an already complex case that spans blockchain networks, legal disputes, and political fallout.
Dormant Wallets Reactivate and Accumulate Solana
Two wallets identified by Nansen as Libra Deployer and 61yKS increased their activity after months of silence. Both addresses used large USDC balances to buy Solana at an average price of $135.
Moreover, the Libra Deployer wallet initially controlled more than $13 million in USDC, while the 61yKS wallet held around $44 million. Their combined activity resulted in an accumulation of 456,401 SOL.
Additionally, one wallet removed liquidity from decentralized pools and directed the stablecoins into Solana and wrapped Solana. This address carried a long history tied to the rise and collapse of the Libra token.
The same wallet also handled earlier liquidity exits that caused major losses during the crash. These patterns raised concerns because ongoing hearings and asset recovery efforts remain active across multiple jurisdictions.
Whale Activity Expands During Solana’s Dip
Large holders outside the Libra circle also grew more active. One whale absorbed more than $17 million in Solana during the correction.
Another moved $16.2 million in tokens to cold storage. Hence, broader market behavior suggested renewed confidence in Solana’s long-term strength despite short-term volatility.
Traders now track two possible levels. A drop below $130 could trigger long liquidations. A move above $145 could pressure short positions and force a squeeze.
Authorities continue to examine the flow of funds connected to Libra and its creator, Hayden Davis. A US judge froze $57.6 million in USDC in May, yet the freeze was later lifted. Consequently, analysts said wallet activity increased soon after.
Argentina’s federal court also escalated its efforts. Officials froze more than $507,000 in assets after tracing transactions linked to Davis and regional operators. Investigators tracked funds across several blockchains, including Arbitrum, Avalanche, and Solana, as part of a wider inquiry into potential coordinated transfers.
Source: https://coinpaper.com/12441/libra-linked-wallets-shift-millions-into-solana-as-dormant-addresses-reactivate-during-market-dip
