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A monolithic 145,980 BTC was was transferred between Binance’s cold wallets today a gargantuan figure which currently amounts to a USD equivalent of, wait for it… $1.2 billion. Luckily, Binance made sure to out every procedure in place to make sure the community didn’t completely freak out.
The transfer was made just under an hour ago, within two transactions, the first amounted to 77,410 BTC and was initially labelled by the ever vigilant Whale Alert as a transfer to an unknown wallet:
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 77,410 #BTC (667,243,260 USD) transferred from #Binance to unknown wallet
— Whale Alert (@whale_alert) May 29, 2019
Tx: https://t.co/dVm3ems9ud
Obviously, this caused a slight ripple throughout the ecosystem as people panicked that a dump could be just around the corner…
😱
— Egor Fedorov (@egorfdrv) May 29, 2019
Could this person or compny or whoever it is SELL? if so everything will be down.. thats almost 1 billion $
— † (@FarisSereke) May 29, 2019
HaS bInAnCe BeEn HaCkEd AgAiN pic.twitter.com/poUi5ZdhCQ
— joe (@LifeTaking) May 29, 2019
Before you overdose on FUD as well, funds are, of course, SAFU. The transfer was made from cold wallet to cold wallet. Luckily, minutes before Whale Alert, did his thing, Binance boss Changpeng “CZ” Zhao, quipped that he was “waiting for Whale Alert,” captioned above an old tweet from October which detailed the procedure undertaken when opening a new cold wallet:
Waiting for @whale_alert https://t.co/KKEIHt0Mwu
— CZ Binance (@cz_binance) May 29, 2019
This was then noted by whale alert:
Cold -> coldhttps://t.co/QbV6YyBEQt
— Whale Alert (@whale_alert) May 29, 2019
The second transfer went along without too much of a hitch (or the aforementioned FUD) thanks to the clear communication:
This is also a Binance cold to cold transfer.
— Whale Alert (@whale_alert) May 29, 2019
… Although, there’s always one:
again hack 😱😱
— Zeeshan.N (@_numan__) May 29, 2019
As highlighted by CZ, the tell-tale signs of a new cold wallet on Binance include several transfers, to and from existing wallets and then a large transfer to a new one. Cold wallets are extremely safe as they haven’t, and will never be connected to the internet, making it near impossible for anyone other than those with access to gain entry.
Despite the panic, these transactions can ignite Its still incredible to see such a large amount transferred with such ease, and transparency.
Did you see this monumental transfer (did you freak out?) Let us know in the comments!