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Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its Proof of Reserve (PoR) audit, according to its CEO.
Binance has 127,351 Bitcoins (Bitcoin), or more than $2 billion was transferred to an unknown wallet on November 28th.whale alert report on monday.According to on-chain data, the transaction is Occurred At 10:00 AM UTC, Binance costs just 0.000026 BTC ($0.42).
The giant Bitcoin transaction immediately sparked some FUD in the community. warn Binance moving a lot of money in a single transaction.
binance CEO Zhao Changpeng then took me to twitter publication Large trades are part of Binance’s PoR audit process. He also called on the community to stay calm and ignore FUD, stating:
The auditor has requested that we transfer a certain amount of money to ourselves to show that we are in control of the wallet. The rest will be sent to the new address, the changed address. , the input tx is large and the change is also large.”
the president too Mention An old Twitter post he posted four years ago called on the crypto community to learn about blockchain trading and change your address.
Move some funds between cold wallets. The new cold wallet on Binance will feature two small transfers to and from your existing wallet, followed by a larger transaction. Don’t worry,” Zhao tweeted in October 2018.
In response to the rise in FUD in his comments, Binance’s CEO posted another tweet, claiming that investors who “always believe in FUD” are “likely to be poor.”
I know it’s hard.
If you think scammers are legal, you’re probably already poor.
However…
A constant belief in FUD also increases your chances of getting poor.
Life is not easy.
CZ Binance (@cz_binance) November 28, 2022
The latest Binance transaction seems to have raised eyebrows among investors, with Zhao himself declaring that it is not good news for exchanges to move large amounts of cryptocurrency to prove wallet addresses. November 13 Zhao I have written The following statement on Twitter.
If an exchange needs to move a large amount of crypto before or after showing the wallet address, that is clearly a sign of trouble. Stay away. Stay #SAFU.
The news comes on the heels of claims made by former Kraken CEO and co-founder Jesse Powell. Binance’s PoR approach was ‘pointless’ without responsibility.
Related: CoinMarketCap Launches Proof of Reserve Tracker for Cryptocurrency Exchanges
Many industry experts, including Hassan Sheikh of DAO Maker and Samson Mow, CEO of JAN3, also said the exchange’s PoR practice is useless without responsibility that’s why It is very difficult for an exchange to fake a liability.
