A certain new wallet received 9.3 million KTA and 2 billion GALA through cross-chain linking, and shortly after, a significant sell-off occurred, suspected to be a cash-out leading to a major token price drop.

BlockBeats News, August 19th, according to LookIntoChain monitoring, a newly created wallet received 9.3 million KTA tokens (approximately $685,000) and 2 billion GALA tokens (approximately $3 million) through a cross-chain bridge, then proceeded to sell these tokens in exchange for 1,902 ETH (approximately $3.64 million).

This large sell-off caused significant market turbulence. According to HTX market data, the price of KTA temporarily plunged by 37%, while GALA experienced a 15% drop.