Early investor/Whale 0x616 just withdrew 8,700 COMP ($427K) from Coinbase at $49.1:

• transaction: 0x5061bdeda6f4edc92b8d873e21b02372c36d0b23c04588626cd36a63346e1ca6
• address: 0xd74f186194ab9219fafac5c2fe4b3270169666db

Notably, the whale returned after over a year of inactivity and removed 192,000 COMP ($9.22M) from Compound V3 only 4 hours ago.

Overall, this whale:

• received 651,720 COMP from the Compound's deployer and team wallet in 2020 and 2022, at an average price of $141.5 ($92.2M);
• further withdrew 34,800 COMP from Coinbase at an average price of $36.17 (estimated cost: $1.26M) on June 16, 17, 2022, and July 29, 2024, just now;
• has deposited 276,019 COMP to Coinbase, Kraken, and Cumberland DWR at $111.6 on average ($30.81M) since June 21, 2021;
• now holds 411,162 COMP ($20.11M), of which 200,700 COMP ($9.82M) is kept in the wallet and the other 210,462 COMP ($10.29M) is supplied to Compound.

The COMP price dropped up to 7% (24H) after the community criticized the newly passed Proposal 289 of Compound Finance, which allocates 499K (~$24M), or 5% of the Treasury, to a yield protocol designed by Golden Boys, as a governance attack for being pushed through by a small group acquiring many tokens (more details here).

Fig 1. The COMP deposits/withdrawals to/from CEX by Early holder/Whale 0x616.