Blockchain analysis firm Nansen has identified a significant Ethereum “whale,” reportedly linked to Singapore’s DBS Bank. According to Nansen, the wallet in question holds over 170,000 Ether, valued at nearly $650 million. The firm estimates that the wallet has already generated a profit of $200 million from holding Ether.
DBS Bank Denies Ownership
Despite Nansen’s claims, DBS Bank has denied holding such a position. A DBS Bank spokesperson told Cointelegraph, “DBS does not have this position on our books.” When questioned about whether the bank’s digital exchange or custody solutions manage the private keys to the wallet, DBS declined to comment.
We’ve identified this $650m $ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of 31 Dec’23
This address has made over $200m by holding ETH… 🤯
Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ
— Nansen 🧭 (@nansen_ai) May 30, 2024
Speculation on Investor Assets
While DBS Bank did not confirm ownership of the Ether, speculation persists that the holdings might belong to DBS’ digital exchange for accredited investors. Some community members suggest that the Ether could be assets held on behalf of investors rather than the bank itself. Nansen, though not revealing its sources, described them as “reliable.” Edward Wilson, a Nansen analyst, stated that DBS likely owns the wallet’s private key and uses it as part of the company’s custody solutions, similar to practices by other institutions like Binance or Coinbase.
DBS Bank’s Crypto Initiatives
In 2020, DBS Bank launched a crypto trading and custody service, along with a platform for security token offerings. The bank emphasized that it would not hold any assets but provide custody services for investors. “All digital assets are kept at DBS Bank, which is globally recognized for its custodial services,” the bank noted. DBS also supports major cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum Classic, and Ether.
Growth in Trading Volume
Since the inception of its crypto division, DBS Bank has seen substantial growth. In 2022, the bank reported a four-fold increase in Bitcoin purchases on its digital exchange, with total trades more than doubling between April and June 2022. In 2023, DBS reported an 80% growth in Bitcoin trading volume, attributed to the crypto collapses in 2022.
In July 2023, DBS Bank launched a digital yuan transaction tool and conducted its first transaction for corporate clients. DBS Bank China announced the launch of its e-CNY merchant solution, enabling businesses to receive payments using the central bank digital currency (CBDC).
Nansen’s identification of DBS Bank as an Ethereum whale has stirred the crypto community, even as DBS firmly denies the claim.
