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$1.28 Billion in Ethereum Moved to 15th Largest ETH Wallet by Binance

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Fri, 07/02/2021 - 11:05
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Yuri Molchan
600,000 ETH goes to the 15th biggest Ethereum wallet sent by Binance, this could be caused by the recent regulatory issues, insider Colin Wu reckons
$1.28 Billion in Ethereum Moved to 15th Largest ETH Wallet by Binance
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Approximately ten hours ago, Whale Alert blockchain sleuth detected a whopping 600,000 ETH transferred by Binance to an anonymous wallet.

Binance moves $1.28 billion in crypto to the 15th largest ETH wallet

That is an equivalent of a whopping 1,220,910,000 at the current exchange rate of $2,040. When the transaction was made, ETH traded at $2,072 and this ETH was worth $1.28 billion.

Chinese crypto journalist Colin Wu believes it might have been caused by the recent issues Binance has had with regulators in a number of countries.

In response, Twitter user @CloutedMind shared a screenshot from Etherscan, showing that this brand new ETH address after receiving the 600,000 coins turned into the 15th largest wallets that hold ETH.

According to the same user, the transaction fee for this mind-blowing transfer cost only 63 cents.

Overall, in the last twenty-four hours, Whale Alert has spotted a large amount of big ETH transfers.

ETH balance on exchanges drops significantly

Earlier today, the Santiment analytics provider posted a tweet which said that the amount of ETH coins stored on crypto exchanges has dropped to a 31-month low. Now it is the lowest since November 2018.

The analytics team reckons that these ETH withdrawals may prevent the risk of a major ETH sell-off in the future.

Related
ETH Balances on Exchanges See Historic Drop, Lowering Risk of Major Sell-Off: Santiment

Binance having issues with regulators

As covered by U.Today earlier, the largest global crypto trader Binance has got in hot water with financial regulatory authorities in several countries, where the exchange was banned from operating for lack of the appropriate license.

Those include the UK, Canada, Cayman, Japan, etc, and most recently, the SEC of Thailand.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.