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$1.27 Billion Outflows From Binance: What Happens Next May Surprise Many

source-logo  u.today 19 October 2023 14:12, UTC

Extraordinary events continue to happen on the crypto market throughout this week. The latest of these happened just a couple hours ago as $1.27 billion in USDT were withdrawn from Binance, the world's largest crypto exchange. The colossal sum was swiftly moved to an unknown wallet via TRON's TRC network, as reported by Whale Alert.

Intriguingly, this massive amount of stablecoins began to disperse to various undisclosed wallets, leaving a perplexing trail of digital transactions. Currently, a substantial sum of 763.9 million USDT remains in the address from which the funds were initially withdrawn.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,273,491,805 #USDT (1,274,007,569 USD) transferred from #Binance to unknown wallethttps://t.co/orf7jJx6ta

— Whale Alert (@whale_alert) October 19, 2023

What followed this monumental withdrawal, however, may leave the crypto community even more bewildered. Within the next hour, USDT equivalent to a staggering $400 million flowed back into Binance. The purpose behind this sudden influx remains shrouded in mystery.

What was it?

Speculations abound; some suggest it might be an attempt to fill a financial void or balance the outflow of USDT. Notably, neither Changpeng Zhao, the CEO of Binance, nor Justin Sun, the founder of TRON, have issued any statements regarding these unprecedented movements.

One prevailing theory posits that a significant investor, possibly seeking to cash out, initiated the massive withdrawal. This notion gains credence when considering the recent surge in activities noted by U.Today, where major cryptocurrencies such as Bitcoin, ETH and XRP, amounting to an astonishing $800 million, flooded various exchanges earlier in the day.

As the crypto market continues to be rocked by these extraordinary events, speculation is rife about what may transpire next.