Appears crypto transfer transactions up to billions of USD between wallets of Binance exchange

Transactions of up to billions of dollars related to the wallet of the Binance exchange have made the community somewhat afraid of the motive behind this event.

Appears crypto transfer transactions up to billions of USD between wallets of Binance exchange

Two cryptocurrency transfers of “huge” volume have been discovered involving the wallet of exchange Binance. One transfer of 2.37 billion USDT between two Binance cold wallets and another up to 1.49 million ETH with the destination being the Binance 8 wallet.

 
Binance organized wallets involving huge fund transfers, transferrin 2.37 billion USDT between two TRON cold wallets, and transferrin 1.49 million ETH to the Binance 8 wallet. trc20-USDT: https://t.co/KnJr6FAXPv ETH: https://t.co/wC2EfjnnLa — Wu Blockchain (@WuBlockchain) August 18, 2022

 

Both transactions are recorded on the network-specific blockchain lookup engine TRON (TronScan) and Ethereum (Etherscan) respectively.

Transactions worth $2.37 billion of Binance wallets recorded on TronScanUSD 2.58 billion ETH transaction of Binance 8 wallet recorded on Etherscan

It is still unclear what is the reason and motive behind these two transactions. The standout factor, however, was the transfer time, which occurred after Binance resolved the withdrawal suspension at 3:20 PM (UTC) on August 17. Binance said that due to a technical issue with the service provider, withdrawals have been halted.

 
Earlier today, around 07:00am UTC, #Binance temporarily closed withdrawals for multiple networks due to an issue with a third-party technical provider. Our team responded quickly, resolving the issue within 1-hour. Funds are SAFU. Thank you for your patience and understanding. — Binance (@binance) August 17, 2022

 

For the remaining ETH transaction, can be used for the upcoming Ethereum Merge event in September 2022. Analysts at Genesis, one of the leading crypto lenders in the market, say they have seen consensus on a specific strategy wherein traders would hold spot, hedge ETH. in futures contracts and borrow Ether during the Consolidation.

Therefore, since the exchange offers such products to investors, they also need to own a large amount of ETH for this purpose. This argument makes sense given the current institutional action on ETH. It seems that most think that ETH price will be extremely optimistic when The Merge takes place.

 

In addition, Coinbase has supported ETH staking for US customers in addition to the world's largest derivatives exchange, CME, which is planning to launch an options product for ETH futures on September 12.

However, in any case, it is undeniable that such a large money transfer transaction that suddenly happened has made the community feel quite worried, especially in the context that the market has not completely recovered. recovered after many crises since the beginning of 2022. As a result, on the afternoon of August 19, BTC flash dumped to $21,500, ETH nearly touched $1,700, the market was bleeding.

Fox Crypto News Summary

 

 

Aug 20, 2022

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