The large amount of Bitcoin (BTC) output observed in the wallets of Binance, the world’s largest cryptocurrency exchange, caused conspiracy theories to be produced among investors for a short time.
According to on-chain data, approximately $879 million worth 53 thousand BTC output is observed. FTX After the bankruptcy of the central stock market, with the loss of confidence in the central stock markets, large amounts of assets started to flow out of the stock markets.
However, after the on-chain confirmation of the transfers in question, it was understood that the exit transactions were related to an arrangement within the exchange. At this point, either by Binance or inner wallet arrangement done or to a cold wallet used as proof of reserve Bitcoin transfer done.
Binance has not yet made a statement about this 53 thousand BTC transaction, which took place approximately 5 hours before the news was written. Some users on Twitter before the event became clear False theories about Binance hacking produced.
Binance has taken serious steps towards full reserve proof and transparency following the recent FTX bankruptcy. Over time, all assets kept in their cold wallets Merkle Tree Stating that it will prove it with its system, Binance led other exchanges to take steps in this regard.