Binance to Move 9001 Bitcoins (BTC) Soon for a “Good Thing” Says CZ
CZ Binance took to Twitter to announce an upcoming transfer of funds in order to prevent any FUD.
Soon over 9,000 Bitcoins are expected to be transferred out from Binance for ‘a good thing’, shared the exchange’s CEO CZ, pre-emptively asking the community not to spread FUD.
The announcement shared on CZ’s official Twitter is another great move appreciated by the community, since such a large transfer is likely to cause some panic, especially when it is reported by various tracking accounts, such as Whale Alerts.
Known exchange wallets are typically monitored closely by the crypto community, as they reflect an exchange’s liquidity, and ultimately, majority of the holdings belong to traders and users, who understandably seek assurance that their funds are safe.
Binance is one of the most prominent cryptocurrency exchanges in the world and its CEO, Changpeng Zhao is not only an advocate of decentralization but a vocal figure in the crypto space, gaining the community’s respect with his exemplary transparency.
Last month Binance reported the theft of over 7,000 BTC from its holdings as hackers gained access to user accounts via 2FA codes and other info. The amount, which was at the time worth over $40 million, was covered by the exchange’s Secure Asset Fund for Users, or SAFU.
Not only did this move restore confidence in the market, but it also further improved Binance’s image as a reliable and transparent exchange.
Now, the upcoming 9001 BTC transfer is worth over $82.5 million at market price and we are wondering what it will be used for.
Binance’s own token, Binance Coin (BNB) is currently trading at $33.38, having appreciated significantly this year, from its January price of $6. Given how the coin has strong fundamentals behind it, particularly the growing Binance ecosystem, speculators believe it is still undervalued.