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Sharing a breakdown of what's actually happening with $IN right now.
What looks like tokens being burned on Ethereum and minted on BSC is actually a bridge transaction.
Buying on Ethereum-based markets, selling on BSC markets and DEXes.
CEX → ETH bridge → BSC DEX
In other words, arbitrage. Buy cheap, sell expensive. They're exploiting price differences between exchanges. I haven't checked each one individually but deposits and withdrawals are likely disabled on most of them.
This also explains why the funding rate gap exists.