A recent blockchain analysis has sparked controversy by flagging a crypto wallet holding over 170,000 Ether, worth nearly $650 million, as belonging to DBS Bank, a major financial institution in Singapore.

On May 30, Nansen, a blockchain analysis firm, identified an Ethereum whale as DBS Bank, suggesting the wallet has already made a $200 million profit from Ether holdings. However, DBS Bank swiftly denied these claims. A spokesperson from DBS told Cointelegraph, "In relation to the post, DBS does not have this position on our books." The bank also declined to comment on whether its digital exchange or custody solutions hold the private keys to the wallet.

Speculation arose that the Ether might belong to DBS's digital exchange for accredited investors. Community members suggested the wallet could hold investor assets rather than bank-owned funds. Despite not revealing their source, Nansen asserted the information was reliable, with analyst Edward Wilson stating that DBS likely owns the wallet’s private key as part of its custody solution.

In 2020, DBS Bank introduced a crypto trading and custody service, providing a platform for security token offerings. The bank emphasized that it would offer custody services for digital assets, including Bitcoin, Bitcoin Cash, Ethereum Classic, and Ether.

Since launching its crypto division, DBS Bank has reported significant growth. In 2022, Bitcoin trades on the bank’s digital exchange quadrupled, and trading volume surged by 80% in 2023, attributed to the crypto market collapses of 2022.

Further expanding its digital services, DBS Bank launched a digital yuan transaction tool in July 2023, conducting its first transaction for corporate clients. DBS Bank China also introduced an e-CNY merchant solution for businesses to receive payments using China's central bank digital currency.

Despite the ongoing debate over the Ether wallet, DBS Bank continues to advance its digital asset services, solidifying its position in the evolving crypto landscape.