2023-6-19 17:43

In a recent development that has stirred the cryptocurrency community, a substantial amount of Bitcoin (BTC) was transferred from the renowned cryptocurrency exchange, Binance. The transaction involved an impressive 15,000 BTC, equivalent to approximately $396 million at the time of the transaction.

The transaction was initiated by an entity often referred to as a ‘whale’ in the crypto space – a term used to describe individuals or organizations that hold large amounts of a particular cryptocurrency. This whale didn’t dive straight into the deep end, however. Before the massive transfer, a test transaction of 1 BTC was made, a common practice to ensure the validity and security of the receiving address.

Discover the Hidden Crypto Goldmine Before It Explodes on the Market!

Find High-Potential Token, yPredict, powered by its native token $YPRED, is emerging as a significant player in the crypto space. The presale YPRED, which is ongoing at ypredict.ai, has already raised over $2.25 million in seed round funding from early investors. As a new low market cap coin currently on presale, it powers an AI-based tool that predicts market movements and identifies high-potential tokens. The token also offers added utility for holders, unlocking access to a suite of analytics tools, including in-depth research into the tokenomics of upcoming crypto games and NFT projects. Get in on the Ground Floor and Unlock Exclusive Analytics Tools!

Show more +Show less –

The receiving address is 1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7.

The transaction quickly gained traction, garnering significant attention and sparking discussions.

However, the mystery surrounding the transaction was soon dispelled. Binance clarified that the receiving address was, in fact, a new wallet of theirs. The exchange was moving funds from its BTC cold wallet to this new address.

The statement from Binance read: “Today, Binance will be moving funds from our BTC cold wallet to our new address – 1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7t. If you see any significant movements of BTC from our wallets today, that’s why. Funds are SAFU.”

‘SAFU’ is a term often used in the crypto community, originating from a typo in a statement from Binance’s CEO, Changpeng Zhao. It stands for ‘Secure Asset Fund for Users’ and is used to assure users that their funds are safe.

This move by Binance is a routine procedure carried out by exchanges for various reasons, such as security upgrades or wallet maintenance. It serves as a reminder of the scale of operations that large cryptocurrency exchanges like Binance handle and the importance of transparency in such transactions to maintain trust within the community.

.rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0}.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}

The post Binance’s $396 Million Move: What’s Behind the Whale-Sized Bitcoin Transaction? appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »