Published
5 years ago on
November 29, 2018
Earlier in the week the popular crypto wallet, Whale Alert started to record a significant volume of payments in a small amount of time worth millions of dollars. The transactions were mainly ERC-20 token transfers so it most likely seemed normal initially but as the social media channel continued to constantly tweet through its official Twitter handle, it started to become clear that something significant was happening.
Following the transfers of the millions of dollars in ZRX, WTC and BNT, it was reported by the crypto wallet that over 98,700,100 Binance Coin was transferred out of Binance to an ‘unknown wallet’. This is quite significant for two reasons, first of all, that is a lot of money and secondly, it is nearly the circulating supply of the cryptocurrency.
— HAMA (@HaryzHama) November 29, 2018
Jaw-dropping
This is a huge amount of BNB and as you can see from the above tweet, many Binance enthusiasts had a similar reaction. This sum of BNB is equal to $512 million and it was only moved for 3 cents in gas fees on the Ethereum blockchain. This clearly highlights the crypto’s value as a near instant censorship-resistant, borderless, permissionless and “trustless medium of value”.
Not many centralised financial systems can send through half a billion in under a minute’s time. Even the leading cryptocurrency, Bitcoin which has one of the slower blockchains (debatable) facilitates million-dollar transactions in up to 20 minutes which puts centralised ecosystems like SWIFT to shame.
Unknown
In response to the massive amount of Binance Coin being transferred a long time crypto enthusiast @IamNomad spoke his mind and joked that Binance Coin’s whole market cap moved and asked if this transaction was somehow linked to Binance’s potential use of new cold wallets.
You can see his Tweet here:
Investment DisclaimerHey @cz_binance your entire market cap moved.. is this to new cold wallets ? https://t.co/26ds9RmCve
— I am Nomad (@IamNomad) November 29, 2018
