Binance CEO Explains 127,000 BTC Transfer and Highlights Proof of Reserve Audit
A few weeks ago, CZ said it was bad news when exchanges move large amounts of crypto to prove the their wallet address.
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Cryptocurrency exchange Binance moves large amounts of cryptocurrency as part of its proof of reserve (PoR) audits, according to its CEO, Changpeng "CZ" Zhao.
Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on November 28, Whale Alert reported on November 28. According to on-chain data, the transaction took place at 10:00 UTC. , which costs Binance a fee of just 0.000026 BTC ($0.42).
The huge Bitcoin transaction immediately sparked FUD – fear, uncertainty and doubt – within the community, with many noting that Binance moved an entire fortune of BTC in a single transaction.
CZ then took to Twitter to announce that the massive transaction was part of Binance's PoR audit process. He also called on the community to keep calm and ignore FUD, stating:
"The listener asks us to send us a specific amount to show that we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is large , and change too."
The CEO also referenced an old tweet he posted four years ago, calling on the crypto community to “learn about blockchain transactions” and “change your address”.
"We will be transferring funds between our cold wallets. A telltale sign of a new cold wallet on Binance is two small transfers to and from an existing wallet, then one large transaction. No need...
A few weeks ago, CZ said it was bad news when exchanges move large amounts of crypto to prove the their wallet address.
New
Cryptocurrency exchange Binance moves large amounts of cryptocurrency as part of its proof of reserve (PoR) audits, according to its CEO, Changpeng "CZ" Zhao.
Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on November 28, Whale Alert reported on November 28. According to on-chain data, the transaction took place at 10:00 UTC. , which costs Binance a fee of just 0.000026 BTC ($0.42).
The huge Bitcoin transaction immediately sparked FUD – fear, uncertainty and doubt – within the community, with many noting that Binance moved an entire fortune of BTC in a single transaction.
CZ then took to Twitter to announce that the massive transaction was part of Binance's PoR audit process. He also called on the community to keep calm and ignore FUD, stating:
"The listener asks us to send us a specific amount to show that we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is large , and change too."
The CEO also referenced an old tweet he posted four years ago, calling on the crypto community to “learn about blockchain transactions” and “change your address”.
"We will be transferring funds between our cold wallets. A telltale sign of a new cold wallet on Binance is two small transfers to and from an existing wallet, then one large transaction. No need...
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