Binance walls look enormous tips on Bitcoin outflows and expose BTC transactions
Binance walls look enormous tips on Bitcoin outflows and expose BTC transactions
On May 7th there were three big changes in Binance's Bitcoin balance. According to the data analysis platform Cryptoquant, they consisted of an outflow of 117,359 BTC, an inflow of 10,036 BTC and an outflow of 40,184 Btc.
However, it is likely that this is more likely to be due to internal wallet adjustments than that whales move their BTC from the stock exchange.Industry analyst Colin Wu dug a little more, Finally :
"According to further on-chain inspection, it is likely that the Cold Wallet from Binance was adapted internally to a new address and the new address was not transferred after receiving the money."
BTC on Binance
Binance sets transactions
The Whalewire account said that it was the largest individual withdrawal in the history of the stock exchange with a value of $ 4.6 billion. It was questioned whether whales or insiders were "ship jumpers", but that is very unlikely.
break: #binanz The biggest deduction in its history, over 162,000
jumping whales/insider off board? 👀 pic.twitter.com/qsxyaevhkt
- whalewire (@whalewire) 7. May 2023
Binance has withdrawn old wallet addresses and asked its customers to update them to new addresses.
The company informed users by email that their ERC 20 addresses would take place on May 9th. However, there was no notification for Bitcoin addresses, so that the movements may be in preparation for further system and wallet security upgrades.
"Binance has updated its wallet infrastructure to ensure better wallet efficiency and security. We will therefore withdraw the current deposit addresses and memos in selected networks, and the users must receive a new deposit address."
In addition, Binance is temporarily exposed due to network overload. The interruption took only a few hours and the services were quickly resumed.
On May 8, Binance BTC transactions again “exposed to outstanding transactions”.
This could be related to the large internal wallet movements, but did not explain Binance.
we have temporarily closed
Our team is currently working on a solution and will be opened again $ Btc as quickly as possible. be insured, the means are Safu. -Binance (@binance) 8. May 2023 The BTC prices fell by 1.6 % to $ 28,448 at the time of the writing of this article. The asset reached a weekend high of $ 29,724, but again the resistance of over $ 30,000 turned out to be too great to overcome it. BTC has reached this level four times in the past two weeks, which has led to a strong retreat, since the purchase pressure was exhausted. Support on the underside can be found around the price level of $ 28,000. . BTC price view