Over $2 Billion Bitcoin Moved Out of Binance During Red Market

from the information of WhaleAlert Crypto transfer tracking bot finds Bitcoin (BTC) worth $2 billion transferred from Binance In the tweet, 127,351 BTC worth $2,062,504,721 was transferred from Binance to wallet nameless

This massive transfer comes at a time when the market is still under sell-off pressure.

When it comes to this Chanpeng Zhao The Binance CEO took to Twitter to clarify that the $2 billion worth of BTC transferred was part of the investigation. proof-of-reserve According to him, investigators are required to send a certain amount of BTC to show how the Binance wallet is regulated.

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! https://t.co/36wUPphIZk pic.twitter.com/2NkH5L5J9j

— CZ ???? Binance (@cz_binance) November 28, 2022

Concerns arose following the fall of the FTX According to data from Santiment, the amount of Bitcoin left on exchanges is at an all-time low, less than 7% now.

This comes as Bitcoin outflows from exchanges over the past week saw what might be an all-time high, data from Coinglass shows 128,751 BTC pulled out of exchanges over the seven-day period. past

Binance showing proof of reserve

following the fall of FTX trading website Many cryptos have begun publishing their proof of reserves. Last week, Binance announced the launch of its Proof of Reserves system, starting with Bitcoin first.

Binance released photos of account balances and Bitcoin reserves claiming to have 582,485 BTC in reserve while their users have a net Bitcoin balance of 575,742 BTC.

source : U.Today