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SAFU: Binance transfers $11.24 million in ETH to a new cold wallet

www.chepicap.com 25 February 2019 11:02, UTC
Reading time: ~2 m

Four hours ago 80,888 ETH were moved, a USD equivalent of $11.24 million causing a wave of panic throughout the crypto ecosystem. 

8BTC news tweeted out the following, asserting that a whale had transferred a monstrous amount of ETH:

#ETH Sees a $1124.34 Million Whale Transfer . 80,888 ETH were moved. 0xdcae2812fc0fefb9991593eac7466434f0484437b61d29660d972d16acfe0c49@CryptoChoe @investor_aussie @troybyrneoz @germantrader85 @OneByteMan @mishalederman , https://t.co/FHVIbd3cDC

— 8BTCnews (@btcinchina) February 25, 2019

However, CEO of Binance, Changpeng ‘CZ’ Zhao, reassured the community that funds were indeed #SAFU, tweeting out that the exchange would be moving funds to a new cold wallet today:

We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and BACK TO an existing wallet, then a large transaction. No need to be alarmed. Funds are #SAFU.

— CZ Binance (@cz_binance) October 20, 2018

It appears the transfer was made in an effort to test out the creation of a new cold wallet on Binance and thanks to CZ the majority of FUD was avoided... 

This was met with a wave of grateful investors, who appreciated CZ’s transparency:

This is super awesome. @cz_binance this is how you stay on top!

— The Cryptic Keeper (@DaCrypticKeeper) October 20, 2018

Here is another one for you to use in the future.  Please spread it to your friends. pic.twitter.com/ozdsA7FcLp

— Tommy Mustache (@tommyp408) October 20, 2018

Thank you so much for being transparent and communicating with the community.  Keep setting the bar high.

— Gregariou$ (@Gregariou1) October 20, 2018


— rekt city (@rekt4eva) October 20, 2018

It was also met with a load of people asking CZ to ‘misallocate’ some of these funds :

Maybe accidentally move some into my wallet? 😎

— Benim (@Benim) October 20, 2018

Can you - by accident - add some BTC to my Binance account???

— Crypto Coder (@CoderCrypto) October 20, 2018


— Benny (@crypto_catchup) October 20, 2018

CZ continues to prove his loyalty to both his customers and the community, this isn't the first time he's proceded a large movement of funds with a warning, showing that he understands the power of FUD and the damage it can cause. 

Read more: CZ announces new cold wallet creation, avoids FUD by pre-warning of $300m transfer 

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