CZ Reassures Massive $2 Billion Bitcoin Move From Binance

CZ Reassures Massive $2 Billion Bitcoin Move From Binance.

Earlier this week, the crypto community was taken aback by a sudden massive move in Bitcoin worth $2 billion from what looked to be Binance’s wallet. Since then, CZ has come out to reassure the community and confirm the facts.

Transfer Of Audit

CZ explains through his personal Twitter account that the massive movement of 127,000 BTC that Binance’s wallet has moved around was indeed his exchange’s own doing. The CEO further goes on to explain that the transaction was part of Binance’s Proof-of-Reserve audit.

“The auditor require 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” CZ explains. 

This is part of the Proof-of-Reserve Audit. The auditor require 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. Ignore FUD! https://t.co/36wUPphIZk pic.twitter.com/2NkH5L5J9j

— CZ 🔶 Binance (@cz_binance) November 28, 2022

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CZ then goes on to say that Binance will continue to be transferring large amounts of funds like this for the audit process for the next few days.

“We will be doing this on all cold wallet addresses in the next few hours/days. Some won’t trigger a whale alert. It all depends on the input address. I wish Whale alert could be smarter about its reporting.” CZ wrote.

Further Concerns

Despite CZ having made his statements to calm the community and stop further FUD from arising, there have instead been multiple other concerns raised by some members of the community about CZ’s explanations.

Some investors like Twitter user @asiahodl have pointed out that there is no need for billions worth of funds to be moved around during an audit.

“Auditors would never ask you to move $2bn. They will be physically present and ask you to *sign a message* using the private key of addresses holding the funds. There is no requirement to move funds at all.” @asiahodl wrote.

I’m a fan of Binance but auditors would never ask you to move $2bn

They will be physically present and ask you to *sign a message* using the private key of addresses holding the funds. There is no requirement to move funds at all. pic.twitter.com/h0s2ZejgRh

— Mira Christanto (@asiahodl) November 29, 2022

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