Bitpanda Addresses Large Transfers of SHIB, LINK, CHZ and Other Altcoins

Vienna-based Bitpanda, a prominent cryptocurrency exchange in Europe, recently saw the transfer of notable assets, including SHIB, LINK, CHZ and ETH, with a combined value of over $73 million.

Concerns about the significant asset movement were first raised by Cyvers Alerts on Telegram, which utilizes AI-powered models to detect anomalous transactions within the crypto space.

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The alert prompted some attention and concern among users and stakeholders in the cryptocurrency community.

In a swift response, Bitpanda's Telegram administrator clarified that the observed transfers were purely internal. "We are performing scheduled internal asset movements within our Custody infrastructure," the statement read. Notably, these movements will also impact Pantos and BEST token wallets.

The exchange went on to reassure its user base, emphasizing that such internal activities would not have any bearing on user assets. "Your assets remain safe and secure," the message assured, thanking its community for its trust and continued support.

Industry experts have often cautioned users to stay informed and avoid panic in the face of large asset transfers, pointing out that exchanges, like traditional banks, conduct internal operations that might not always be immediately transparent to the end user. Still, there is a need for timely communication from exchanges to mitigate anxiety.

Bitpanda, one of the largest exchanges backed by PayPal co-founder Peter Thiel, had undergone some significant changes in the past year. In a move that echoed across the industry, Bitpanda made the difficult decision to lay off 730 employees in 2022, citing unfavorable market conditions. This came after it achieved a valuation of $4 billion.