Pendle Team-Linked Address Moves $3.61M in Tokens to Bybit and Binance

Pendle Team-Linked Address Moves $3.61M in Tokens to Bybit and Binance

Analyst Yu Jin notes total transfers of 5.4 million PENDLE worth over $10 million from team-linked wallets to Binance and Bybit since January 23, 2025.

PENDLE

Fact Check
The provided evidence strongly and consistently supports the core of the statement, but with one significant inaccuracy. Multiple high-authority sources, including CoinMarketCap, Bitget, and various crypto news outlets, confirm that a wallet address linked to the Pendle team did transfer a large number of PENDLE tokens to the Bybit exchange. The reported value is consistently in the range of $3.61 million to $3.83 million, a minor discrepancy likely due to price fluctuations at the time of reporting.However, a critical part of the statement is the claim that tokens were transferred to *both* Bybit and Binance. Across all relevant sources, Bybit is unanimously cited as the destination. There is a complete lack of evidence in the provided materials to support the claim that any funds from this specific transaction were sent to Binance. The only source that mentions Binance does so in a completely unrelated context.Therefore, the statement is assessed as "likely_true" because the most significant components—the actor (Pendle team), the action (large transfer), the value, and the destination of Bybit—are all well-corroborated. The inclusion of "Binance" is a factual error in the statement, which prevents the truth probability from being 1.0, but it does not negate the verified transfer to Bybit.
Summary

Blockchain analyst Yu Jin reported that since January 23, 2025, three Pendle team-linked addresses have collectively transferred 5.4 million PENDLE tokens to exchanges, with the most recent being 1.8 million PENDLE worth $3.53 million sent to Binance. Previous transfers from other unlocked addresses on January 23 and 25 went to Bybit, suggesting coordinated movement from long-term vested allocations to major trading platforms.

Terms & Concepts
  • Pendle: A decentralized finance (DeFi) protocol enabling tokenization and trading of future yield.
  • Vesting Wallet: A wallet that holds tokens locked for a set period before release, often used for team or investor allocations.
  • Bybit: A cryptocurrency exchange offering trading in derivatives, spot markets, and other digital asset products.