Binance CEO explains 127K BTC transfer, points to proof-of-reserve audit
A few weeks ago, CZ declared that it’s bad news when exchanges move large amounts of crypto to prove their wallet address. Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to its CEO, Changpeng “CZ” Zhao. Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Nov. 28. According to on-chain data, the transaction occurred at 10:00 am UTC, costing Binance a fee of just 0.000026 BTC ($0.42). The huge Bitcoin transaction immediately triggered FUD — fear, uncertainty and doubt — among the community, with many noting that Binance moved an entire fortune’s worth of BTC in one single transaction. CZ subsequently took to Twitter to announce that the massive transaction was part of Binance’s PoR audit process. He also called on the community to keep calm and ignore the FUD, stating: “The auditor requires us to send a specific amount to ourselves to show...