- Over $3 billion was moved, including a massive transfer of 117,000 BTC.
- Binance has the largest Bitcoin balance of any exchange, at 510,425 BTC.
Binance, the world’s largest cryptocurrency exchange, stated on Monday that it has relocated a huge chunk of Bitcoin to a new blockchain address. The security of user money, which is now being held in cold storage by Binance, has not been compromised by the transfer. Binance had already tweeted about this transfer and informed users about it.
Moreover, Binance’s new cold storage wallet reportedly got 15,000 BTC (at 05:47 UTC on Monday, or $399 million) according to statistics from Blockchain.com.
Over $3 billion was moved, including a massive transfer of 117,000 BTC from one Binance cold wallet address to another. 130,000 BTC were depleted from the exchange’s cold wallet, according to data compiled by Bitinfocharts.
Crypto Market Rebounds
Furthermore, Coinglass reports that Binance has the largest Bitcoin balance of any exchange, at 510,425 BTC. On the other hand, Coinbase Pro claims to own 486,568 BTC.
This month, the Securities and Exchange Commission (SEC) of the United States filed a lawsuit against both exchanges for various breaches of securities laws. The SEC requested that the court freeze all Binance.US assets, but the judge ultimately ruled against them.
Reuters reported last month that Binance’s bank accounts at the bankrupt Silvergate Bank and Signature Bank included a mixture of customer deposits and company money. Binance, however, said that the aforementioned funds were transferred inside user accounts with the express goal of being converted into BUSD stablecoins.
Significant gains were made by major digital currencies including Bitcoin. This can be correlated to the reports of BlackRock’s entry into the Bitcoin exchange-traded fund (ETF). A new wave of excitement has been sparked by the news from BlackRock, one of the biggest asset management businesses in the world.
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