Key Highlights
- B2 surged 120%, rising from $0.41 to $0.90 before pulling back.
- 13 million B2 tokens worth $10.44 million were transferred to Binance Alpha through several wallets.
- The tokens were reportedly withdrawn from Bitget and Gate about a month earlier, with EmberCN estimating a $4.27 million profit from the price increase.
B² Network’s jumped 120% from about $0.41 to $0.90 on Saturday, September 19. About 30 minutes after the sharp price surge, several wallets moved 13 million B2 tokens worth $10:44 million to Binance Alpha, according to on-chain analyst EmberCN.
The token later pulled back from the $0.90 high but was still up 24% on the day, according to CoinGecko data as at 8:09 a.m. UTC. Its market capitalization reached $22.14 million, while its 24-hour trading volume stood at $77.09 million. B2’s fully diluted valuation was $111.913 million, with total value locked at $233.855 million.
$10.44M worth of B2 moves to Binance Alpha
The big wallet movement added another part to the B2 price story. EmberCN reported that the 13 million B2 tokens were moved into Binance Alpha through several wallets.
The B2 tokens were reportedly withdrawn from Bitget and Gate about one month ago, when B2 was trading at around $0.47. Since then, the value of B2 has moved sharply higher.
EmberCN estimated that the tokens involved in the transfer had produced about $4.27 million in profit based on the price increase.
The analyst also raised questions about who was behind the wallets. EmberCN said the wallets were likely connected to B2’s designated market maker, a company or group that helps provide trading liquidity for a token.
One of the wallets that sent B2 to Binance Alpha was reportedly linked to an address that had previously been involved in SIREN. Based on this link, EmberCN suggested that the market maker could be the same one that had worked with projects such as SIREN, AKE, XPIN and BTR.
However, the identity of the market maker was not confirmed in the information provided.
B2 faced a $3.86M exploit in July
The latest move comes only a few months after B² Network faced a major security problem. In July, the network was exploited and 8.59 million B2 tokens worth about $3.86 million were reportedly stolen. The attacker sold the tokens for BNB, moved the funds to Ethereum and later swapped them for other crypto assets.
B² Network said the attack happened after unauthorized access was gained to the smart contract’s upgrade authority. The network temporarily stopped B2 staking while it carried out more security checks.
The team also said affected users would receive full compensation, stating, “All affected users will be fully compensated.”
B2 returns to focus after the exploit
The exploit had a major effect on B2’s price at the time, sending the token down by more than 40% on July 23 before it recovered part of the loss.
Now, B2 is back in focus for a very different reason. The token has recorded a sharp price jump while millions of dollars worth of B2 have moved into Binance Alpha. The latest activity puts the token’s price action and large wallet movements at the center of attention.
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