STG Jumps Over 40% After 8 Million Tokens Withdrawn From a Centralized Exchange

STG rose more than 40% after an address withdrew 8 million STG from a centralized exchange (CEX). According to BlockBeats On-chain Detection, the withdrawal was made from a CEX on June 10. The report noted that after STG was acquired by ZRO, STG can only be converted one-way into ZRO at a fixed rate of 1 STG to 0.08634 ZRO. ZRO’s price was reported at $0.84 and did not rise. Based on the stated conversion ratio, the implied STG price would be around $0.07, while STG was trading at $0.36, according to the report.