Binance transfers more than 16 thousand crores of bitcoin to unknown wallet, Twitter flooded with questions

Binance is getting its proof-of-reserves audited following the collapse of its FTX crypto exchange. The crypto exchange faced some controversy when it was discovered that BTC 127,000 was sent to an ‘anonymous’ wallet in one transaction. With BTC trading at around $16,250 (roughly Rs. 13 lakhs), Binance transferred over $2 billion (roughly Rs. 16,324 crores) worth of BTC, sparking tension among members of the crypto community.

Whale Alert, a blockchain tracker, alerted its over two million followers on Twitter to this massive BTC transfer by Bianace.

Soon after, social media was flooded with tweets inquiring about the operational status of Binance.

To put an end to all these questions, Binance CEO Changpeng Zhao revealed that the company is conducting its proof-of-reserves audit. Proof of Reserves are documents that show whether a crypto exchange has enough assets to handle all withdrawals in the event of an emergency.

The unknown wallet to which these BTC were sent is also said to be related to Binance exchange.

After Binance’s FTX exchange crashed to ashes, fear prevailed among investors. In recent weeks, the crypto market has crashed by more than $200 billion (roughly Rs. 16,33,290 crores), causing many companies and operations to shut down.