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Whale Alert: Massive $300 million transfer takes place on Binance Chain; funds SAFU, says CZ

Biraajmaan Tamuly

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Whale Alert: Massive 300 million BNB Coin transfer takes place on the Binance Chain; CZ responds amidst transaction
Source: Pixabay


Binance, one of the world’s largest cryptocurrency exchanges, has been having a wonderful year in terms of new developments, such as their new Binance DEX and the massive growth of Binance Coin [BNB]. Binance’s native token has grown by approximately 500 percent in 2019 alone.

The exchange also recently announced the launch of BTCB, with an objective to provide a crypto-asset pegged to BTC’s value for trading purposes on Binance DEX, with the assets being backed by Binance itself.

Binance’s ecosystem is progressively active and it was recently observed and reported by Whale Alert, an online cryptocurrency-transaction tracker, that a sum of approximately $302 million, equivalent to around 8 million BNB coins, was transferred on the Binance Chain.

The transaction took place of 26th January 2019, with a time stamp of 07:52:56 UTC. It was sent from an unknown address, bnb1jkvrjawcd8wlugk8455wqjggxecyxj9uf0g7uy, to another unknown wallet, bnb13wmeg7ypkcr39wnzy2q02mku2qemnrm4kclezs, for a transaction fee of 0.000375 BNB. The block height of the transaction was #15820220, and it was deemed a successful one.

Following the massive transfer, Changpeng Zhao, CEO of Binance, responded on Twitter regarding the transfer and claimed that the current movement was a rotation of funds between some cold wallets.

CZ suggested with a linked tweet that the movement of funds should not necessarily raise any alarms as the funds were SAFU.

In another tweet, CZ  stated that there were currently 4 addresses that were holding 8 million BNB coins each. A total of $32 million BNB was unlocked for the Binance team. However, it was understood that the tokens were not spent and saved in the addresses themselves.

It is speculated that CZ took the initiative to list the reason for the massive transfer as previously, huge BTC transfers, which included a Coinbase wallet transfer, was accused of market manipulation.

At press time, BNB coin was priced at $37.30, experiencing a hike of 1.87 percent over the past 24 hours.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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