Back to the list

CryptoCom Just Transferred 1.8 Trillion Shiba Inu to Binance


thecryptobasic.com 29 November 2022 14:47, UTC
Reading time: ~3 m

1.8 Trillion Shiba Inu Transferred From CryptoCom To Binance.

Crypto.com recently sent over 1.8 trillion Shiba Inu (SHIB) from one of its official wallets to a wallet affiliated with Binance.

Singapore-based cryptocurrency exchange Crypto.com just transferred over 1.8 trillion SHIB from one of its wallets to an official Binance wallet. The transfer occurred in a batch of two 900B SHIB transactions five minutes apart, triggering questions on the actual purpose of the outflow.

Cryptocurrency on-chain data tracking system Whale Alert highlighted the two transactions which occurred on Tuesday. The first transaction involved the transfer of 900 billion SHIB valued at $8.2M+ from a Crypto.com wallet with the tag Crypto.com 5 to a wallet affiliated with Binance. Data from Etherscan indicates that the transaction occurred on November 29, 12:34 (UTC).

🚨 900,000,000,000 #SHIB (8,286,480 USD) transferred from #CryptoCom to #Binancehttps://t.co/7B8lCSTJ4V

— Whale Alert (@whale_alert) November 29, 2022

Barely five minutes later, a similar transaction was indexed by Whale Alert. The second transaction which involved the transfer of another batch of 900 billion SHIB tokens ($8.2M+) appears to have been made from the same Crypto.com 5 wallet to the earlier-mentioned Binance wallet. This second transfer was carried out on November 29, 12:39 (UTC).

🚨 900,000,000,000 #SHIB (8,278,380 USD) transferred from #CryptoCom to #Binancehttps://t.co/TSY39bfCxd

— Whale Alert (@whale_alert) November 29, 2022

Following this series of transactions, the Binance address involved now holds ERC-20 tokens valued at $48.2M+, including the 1.8 trillion SHIB worth $16.4M+. Besides the recent SHIB transactions, it appears the Binance wallet has interacted with wallets from several exchanges in the recent past, including Crypto.com 5, Crypto.com 3, an OKX wallet, a Kraken wallet, and a Bittrex wallet.

In the past, the wallets from these exchanges have engaged in transfers of millions worth of ERC-20 tokens to this central Binance address, with Crypto.com 5 and Crypto.com 3 involved in most transactions. Both addresses have transferred $38.2M+ of assets to the Binance wallet in the past 4 hours. The central Binance wallet has always transferred its funds to the address tagged Binance 14 each time it received these tokens.

The enigmatic flow of funds between these Crypto.com wallets and the Binance wallet has unsurprisingly sparked reactions from the broader cryptocurrency community, as many questions if there is monkey business at play regarding the recent wave of proof of reserve disclosures within the crypto space.

Recall that both Binance and Crypto.com recently disclosed their respective proofs of reserves following the FTX implosion to assuage investor concerns of a similar fate with FTX. Notably, both exchanges’ proofs of reserves revealed massive holdings of SHIB tokens.

The Binance proof of reserves indicated that the exchange held over 87 trillion SHIB worth nearly $1 billion at the time of the shot, The Crypto Basic previously reported. The proof of reserve from Crypto.com also showed that the exchange held more SHIB than ETH in its reserves, with $558M+ worth of SHIB, representing about 20% of the platform’s total reserves.

Despite limited knowledge surrounding the recent transfers from Crypto.com to Binance, numerous proponents have expressed their concerns as claims have been made in the past, suggesting ab alleged scheme to fake proof of reserves by Crypto.com and Gate.io. Crypto.com “mistakenly” transferred 320K ETH (~$416M) to a whitelisted Gate.io wallet on October 21. Gate.io transferred 285K ETH back within a week.

Back to the list

Similar news
Suggest news

1.8 Trillion Shiba Inu Moved Across Exchanges
coingape.com29 November 2022 13:23, UTC