Binance Just Moved $2B Bitcoin From Its Proof Of Reserves: What's Going On?

Binance is under hot waters, after it moved 127,351 Bitcoins BTC/USD from its Proof of Reserve wallet BTCB/USD to cold storage, on-chain data reveals.

What Happened: After the above-mentioned transfer, over 68,200 BTC worth $1.1 billion were transferred to Binance from an anonymous wallet. In total, 59,151 BTC, over $98M unpegged from Binance’s BTC reserves.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 68,200 #BTC (1,146,271,741 USD) transferred from unknown wallet to #Binancehttps://t.co/UgYnN5xwYR

— Whale Alert (@whale_alert) November 18, 2022

Ki Young Ju, CEO of CryptoQuant, points out on Twitter that since no announcement has been made from Binance it means that it is either customers' or investors’ money. “I think this activity was highly likely from customers who are in urgent situations."

Here's the link for BTCB reserve wallet.

127,351 BTC moved from BTCB wallet to Binance cold wallet and BTCB resserve received 68,200 BTC from the cold wallet after 44 minutes.

In total, 59,151 BTC unpegged from BTCB and flowed into Binance.https://t.co/UO1WH5Dzil

— Ki Young Ju (@ki_young_ju) November 18, 2022

See More: Decentralized Exchanges

In a separate post on Nov.17, CryptoQaunt said that the Bitcoin reserve on Binance “is rapidly increasing” in the last couple of days. This means investors are depositing their BTC to the exchange, which will trigger a price rally for a short period, followed by dumping their BTC.

Price Action: BTC is trading at $16,808.98, up 1.51% in the last 24 hours, according to Benzinga Pro.

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