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Breaking: Binance Moves 127K Bitcoin (BTC) Worth Over $2 Billion - Coingape

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Date: 2022-11-29 04:58:03

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Bitcoin (BTC) price fell suddenly on Monday, breaking the $16.5k support level. Analysts expect Bitcoin to see a pullback to $14,500 to confirm a bottom. However, some believe the BTC price can rise from current levels based on the historical bear markets data. Later, Binance CEO “CZ” clarifies that the transfer is part of the Proof-of-Reserve Audit.

Binance Moves Over $2 Billion to a Wallet

Whale Alert in a tweet on November 28 revealed that 127,351 BTC worth $2.06 billion has been transferred from crypto exchange Binance to an unknown wallet. The crypto community raised concerns about the motive behind the massive amount of Bitcoin moving from Binance.

Lookonchain revealed that Binance has indeed transferred all 127,351 BTC from a cold wallet to a new wallet address. The Binance cold wallet is now worth zero. Meanwhile, the community questions if the BTC will be dumped as Bitcoin saw a sudden selloff today.

The affected 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, 127,351 BTC have been transferred to another new wallet.

While the reasons remained unclear as Binance CEO “CZ” still had to comment on the reasons behind the move, some believe it is related to BTCB-Reserve reorganization.

Bitcoin price is currently trading at $16,223, down over 2% in the last 24 hours. The trading volume jumps over 30% as BTC price saw a massive selloff on Monday. The 24-hour low and high for Bitcoin are $16,086 and $16,594, respectively.

Binance CEO Clarifies the FUD

As the FUD started to rise amid the mystery behind the large BTC transfer, Binance CEO “CZ” replied that the transfer is part of the Proof-of-Reserve Audit. The auditor required proof that Binance controls the wallet. Thus, the Binance team sent 127k BTC to a new wallet.

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“This is part of the Proof-of-Reserve Audit. The auditor require us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a Change Address, which is a new address. In this case, the Input tx is big, and so is the Change. Ignore FUD!”

Blockchain security auditor Hacken CEO Dyma Budorin claimed that proof of assets could also have been done by signing text statements with the reviewed wallet. CZ clarifies that the team told auditors the same, but not all wallet infrastructures support signing.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Original Source: https://coingape.com/127k-bitcoin-btc-worth-over-2-billion-move/