BTC Yorth $2 Billion Moved By Binance To Anonymous Wallet
Binance is currently investigating its proof of booking after the collapse of the FTX crypto exchange, which suffered from a liquidity crunch and crashed this month. The crypto exchange sparked controversy after it was found to have moved BTC 127,000 in a single transaction to an ‘unknown’ wallet. With BTC trading at around $16,250 (roughly Rs. 13 lakh), Binance has moved BTC worth over $2 billion (roughly Rs. 16,324 crore), raising tensions among members of the crypto community .
Whale Alert, a blockchain tracker sounded a warning about Binance’s massive BTC transaction to its more than 2 million Twitter followers.
:rotating_light: :rotating_light: :rotating_light: :rotating_light: :rotating_light: :rotating_light: :rotating_light: :rotating_light: :rotating_light: :rotating_light: 127,351 #BTC (2,062,504,721 USD) transferred from #Binance in an unknown wallethttps://t.co/zNYPuJuoRe
— Whale Alert (@whale_alert) November 28, 2022
Soon after, loud tweets asking about the status of Binance’s operations began to flood social media.
Changpeng Zhao, the CEO of Binance put all the allegations to rest after revealing that the company is getting its evidence of bending the test.
Proof of reserves are documents and proof that a crypto exchange has enough assets to handle all emergency withdrawals.
This is part of the Reserve Evidence Study. The auditor needs us to post a certain amount to show that we are in control of the fund. And the rest goes to Change Address, which is a new address. In this case, the Input tx is large, and so is the change. Ignore the FUD! https://t.co/36wUPphIZk pic.twitter.com/2NkH5L5J9j
– CZ :large_orange_diamond: Binance (@cz_binance) November 28, 2022
The anonymous wallet where BTC is dropped by Binance is also an exchange.
Post the unfolding of the crypto-wrecking FTX debacle, a sense of dread overtakes the spirits of crypto investors. In recent weeks, more than $200 billion (about Rs. 16,33,290 crore) has been withdrawn from the crypto market, leading to the closure of several companies and operations.
Under these circumstances, many exchanges are also trying to restore the confidence of investors by offering proof-of-booking tests.
Giottus was one of the first Indian interlocutors who agreed to give evidence of palaces.
India’s CoinDCX crypto exchange has also recently published its on-chain and off-chain balance listings as part of its proof-of-booking reports.
Cryptocurrency prices on all Indian exchanges
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