Suspected exchange "mistakenly transferred" USD 405 million ETH to

Consecutive scandals broke out in the crypto market, with the two latest names being the – exchange duo.

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After FTX was found to be short of users' funds, and ended up declaring bankruptcy, Binance CEO Changpeng Zhao asked exchanges to jointly release proof of user assets to strengthen confidence in the market. school.

According to information posted on November 10, Binance is preserving about $ 70 billion in BTC, ETH, USDT, BUSD, USDC and BNB coins. This amount does not include other altcoins, which are promised to be announced soon.

Many other platforms such as Deribit, Bitget,,, Bybit, AAX, Kucoin, OKX, Huobi/Poloniex, .. all announced to respond to Binance's call and will announce their reserve assets. user.

However, on the morning of November 13, the crypto community discovered a shocking truth about and Specifically, after these two platforms announced ETH addresses, someone discovered huge ETH transfers between the two exchanges.

On October 21, the newly announced ETH wallet address sent 320,000 ETH ($405 million) to the wallet address. Over the next 5-7 days, gradually transferred 285,000 ETH back to


When asked about the above information, CEO Kris Marszalek said:


“This was supposed to be a cold wallet transfer, but we mistakenly imported another exchange's hot wallet. We contacted Gate and got our money back to our cold wallet. We have established new procedures to prevent this from happening again.”

The CEO's answer raised many questions. The reason is because a large exchange like must definitely take measures to preserve assets carefully, especially when it comes to large amounts of money. This is not the first time that happened when in August 2022, mistakenly transferred a customer 10.5 million USD instead of 100 USD, then sued this customer.

Next, someone revealed that conducted a snapshot of the asset balance and published the report on October 28, that is, after receiving the money from Therefore, the currently circulating theory is that has liquidity difficulties and has been injected with money by to inflate its books.


There have been increasing calls for withdrawals from both and

However, according to blockchain data, the transaction transferring ETH to took place at Ethereum block number 15793614, while's balance capture was claimed by the exchange to take place at Ethereum block number 15778435. there's still a chance it's all a coincidence, that made a mistake and is fine, unless intentionally fakes the balance capture block to cover up the evidence.


According to WuBlockchain , Huobi exchange also just witnessed 10,000 ETH being withdrawn to Binance and OKX after announcing the customer's money holding address, raising the suspicion that Huobi itself also had liquidity problems and had to borrow money to " beautify the books”.


Commenting on the above issue, Binance CEO Changpeng Zhao, who has just said that he will "expose" bad behavior in the market, implied:


“If a crypto exchange moves large amounts of funds right before or after providing proof of wallet addresses, that is a clear sign that there is a problem. Stay away from them.

Even so, there is still too much evidence to support the above arguments, FoxCryptoNews will not guarantee the authenticity of the information provided by the sources , except for something that is too obvious like transactions through the blockchain. .

Similar to FTX, is an emerging trading platform in the period of 2019-2022, which has resonated with hundreds of million USD sponsorship deals such as spending 700 million USD to buy back the naming rights of football fields. basket of the city of Los Angeles (USA), or spend 215 million USD to buy other crypto companies. The exchange also recently announced that it will build a new headquarters in France with an investment of $ 145 million, despite having to cut 260 employees in the middle of the year.

In addition, of the $2.8 billion in user reserves announced by, 19.68% of which is Shiba Inu (SHIB) tokens. The value of SHIB that the exchange holds is even more than ETH.

Responding to the above issue, CEO Kris Marszalek wrote:


“It's customer deposits, we hold everything that users buy and sell on the platform. A lot of people bought Doge and Shiba in 2021, which is reflected in their market capitalization right now – Doge is 9th, Shiba is 14th.”

The price of coin CRO is down nearly 19% because of the constant bad news.

FoxCryptoNews summary

Nov 13, 2022

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