Binance Moves 127,000 Bitcoin Worth Over $2 Billion

Binance moves 127,351 Bitcoin worth $2.06 billion from a cold wallet to a new wallet.

Binance moves over $2 billion to a wallet

The well-known Twitter account called Whale Alert revealed in a tweet on November 28 that 127,351 Bitcoin, worth $2.06 billion, had been transferred from Binance to an unknown wallet. The crypto community was concerned about the motive behind the massive amount of Bitcoin leaving Binance.

Data from Lookonchain revealed that Binance had indeed transferred all 127,351 Bitcoin from a cold wallet to a new wallet. Binance’s cold wallet had a value of zero before the transaction. Meanwhile, the community is wondering if Bitcoin will be dumped as Bitcoin experienced a sudden sell-off today.

The cold wallet is the same one that made big BTC moves on October 26 and November 11. The wallet saw an inflow of 127,351 BTC on November 18. Now the 127,351 BTC have been transferred to another new wallet. While the reasons remained unclear, some believe this is related to the reorganization of BTCB-Reserve.

CEO Binance clarifies the massive transfer

As the rumor started to rise over the mystery behind the big Bitcoin transfer, replied the CEO of Binance CEO that the transfer is part of the Proof-of-Reserve Audit. The auditor demanded proof that Binance controls the wallet. For that reason, the Binance team sent 127,000 Bitcoin to a new wallet.

This is part of the Proof-of-Reserve Audit. The accountant requires us to send a certain amount to ourselves to show that we control the wallet. And the rest goes to another address, which is a new address. In this case, the Input tx is large, and so is the change. Ignore FUD!

—Changpeng Zhao

Blockchain security auditor Hacken CEO Dyma Budorin claimed that this could also have been proven otherwise by signing text statements from the assessed wallet. Changpeng Zhao clarified that the team has told auditors the same thing, but it does not support all signatures.

Read Also:  Bitcoin ETFs are having a disappointing day, especially BlackRock

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here