Big moves in the crypto world: Binance transfers $4.4 billion worth of Bitcoin

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Binance, the largest cryptocurrency exchange, moved around $4.4 billion worth of Bitcoin into its digital asset wallets on Sunday based on analysis by research firm CryptoQuant.

The tokens were moved in two tranches, of 117,000 and 40,000, Julio Moreno, head of research at CryptoQuants, said on Twitter.

Binance said in a tweet Monday in Asia that Bitcoin was moved between Binance’s hot and cold wallets due to BTC address adjustments.

Cold wallets are not connected to the internet, unlike hot wallets, and are often considered a safer way to store digital currency.

In response to a request for comment, Binance referenced a blog post earlier this year, in which it wrote that major crypto exchanges run management systems that work dynamically with cold and hot wallets for liquidity. and safety.”

Last year’s crypto crash and bankruptcies like FTX undermined confidence in digital asset platforms. Continued skepticism towards the industry has left crypto traders alert to major asset-related changes on exchanges.

Binance also temporarily halted Bitcoin withdrawals for about 90 minutes on Sunday, blaming congestion on the token blockchain. He implemented another suspension Monday in Asia and cited a similar reason.

The latest shutdown was lifted after the company said higher fees were applied to pending transactions to have them picked up by Bitcoin miners, the computing platforms that mine the tokens underlying the blockchain.

Bitcoin fell on Monday amid a larger decline in crypto markets, losing as much as 3.1% before paring back some of the decline. The largest digital asset was trading at $28,180 as of 7:52 a.m. London.

This story was published from a news feed with no text edits. Only the title has been changed.

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