Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to the CEO.<\/p>\n
Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Monday. According to on-chain data, the transaction occurred at 10:00 am UTC, costing Binance just a 0.000026 BTC ($0.42) fee.<\/p>\n
The huge Bitcoin transaction has immediately triggered some FUD in the community, with many noting that Binance has moved an amount that is an entire fortune in one single transaction.<\/p>\n
Binance CEO Changpeng Zhao subsequently took to Twitter to announce that the massive transaction is part of Binance\u2019s PoR audit process. He also called the community to keep calm and ignore the FUD, stating:<\/p>\n
\u201cThe auditor requires us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is big, and so is the change.”<\/p><\/blockquote>\n
The CEO also referred to an old post on Twitter that he posted four years ago, calling on the crypto community to \u201clearn about blockchain transactions\u201d and \u201cchange addresses.\u201d<\/p>\n
\u201cWe 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 an existing wallet, then a large transaction. No need to be alarmed,\u201d Zhao wrote in a tweet in October 2018.<\/p>\n
In response to growing FUD in his comments, Binance CEO posted another tweet, arguing that investors that \u201cbelieve FUD all the time,\u201d are also \u201clikely to be poor.\u201d<\/p>\n
The latest Binance transaction has apparently raised eyebrows of investors as Zhao himself declared that exchanges moving large amounts of crypto to prove their wallet address is not good news. On Nov. 13, Zhao wrote on Twitter the following statement:\u00a0<\/p>\n
\u201cIf an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU.\u201d<\/p><\/blockquote>\n
The news comes shortly after former Kraken CEO and co-founder Jesse Powell argued Binance\u2019s PoR approach was \u201cpointless\u201d without liabilities.<\/p>\n
Related: <\/em><\/strong>CoinMarketCap launches proof-of-reserve tracker for crypto exchanges<\/em><\/strong><\/p>\nA number of industry experts, including DAO Maker Hassan Sheikh and JAN3 CEO Samson Mow, are also confident that exchanges\u2019 PoR practice is useless without liabilities\u00a0because it\u2019s very difficult for exchanges to fake liabilities.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Cryptocurrency exchange Binance is moving large amounts<\/p>\n","protected":false},"author":3,"featured_media":167490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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