A cryptocurrency whale linked to the Solana DeFi controversy began moving millions of dollars in crypto to avoid risks of liquidations.
The anonymous address deposited 95% of Solend’s pool of SOL tokens and represented 88% of USDC borrowing. It came closer to margin call last week when SOL tanked over 40% to as low as $27.
A governance vote was floated by protocol developers to take control of the account and apply adequate risk management steps.
The wallet would have automatically liquidated about 20% of the whale’s collateral if the SOL tokens had reached $22.3 and caused possible damages in the wider Solana network.
The news comes as the SOL price jumped 12% in the past 24 hours to trade at $37. The liquidation levels have remained below the current level enabling the wallet users to take the necessary step to guard against unexpected liquidation events.