The global digital asset market printed red indexes on Tuesday as Bitcoin (BTC) price declined below the $43K level. The cumulative crypto market cap dropped marginally over the last day to stand at $1.66 trillion. Amid this minor pullback, Binance, one of the world’s largest crypto exchanges reported that it would be conducting wallet maintenance.
Binance on the move?
WhaleAlert reported several huge transactions. It reported that Binance moved $2.4 billion worth of crypto assets in multiple transactions.
As per WhaleAlert, Binance moved 12,249 Bitcoin (approx worth $521.3 million) to an unknown wallet. The crypto exchange transferred 1.87 billion (approx worth $1.87 billion) and 60.2 million Polygon (MATIC) (approx worth $52.5 million).
However, Binance also moved 48.9 million Fantom (FTM) (approx worth $26.5 million) to an unknown wallet. The biggest crypto exchange transferred 128.1K (valued at around $286 million). It added that 2 million Solana (SOL) (approx worth $226 million). It also transferred 300 million XRP (approx worth $185 million) during this mega movement.
The biggest crypto exchange moved the most popular meme tokens also. Binance transferred almost 1 trillion Dogecoin (approx worth $91.19 million). While it also moved 2.28 trillion Shiba Inu (SHIB) (approx worth $23.5 million).
the clarification
Binance in a post revealed that over the next few days, the platform will be performing standard wallet maintenance. As a result, users might notice some large transactions across multiple networks from Binance wallets.
While some users speculate that the large BTC transfer might be an internal move from Binance’s cold wallet to a new cold wallet, the details of these transactions remain undisclosed. Traders and investors are advised to stay informed about platform updates and exercise caution during maintenance periods.
The founder of Tron, Justin Sun linked wallet sparked speculation as it withdrew $13.8 million in Ethereum (ETH) from Binance. The transaction highlighted by PeckShieldAlert labeled it “Suspicious Justin Sun related. This sizable move has triggered concerns and raised eyebrows in the crypto community, prompting speculation about the reasons behind Sun’s notable ETH withdrawal from Binance.
