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Binance is currently under Proof of Reserves scrutiny in the wake of the collapse of cryptocurrency exchange FTX, which suffered a liquidity crisis and collapsed this month. The cryptocurrency exchange has sparked some controversy after it was determined that it had moved 127,000 bitcoins in a single transaction to an “anonymous” wallet. With BTC trading at around $16,250 (roughly Rs. 13 lakh), Binance has moved the value of BTC at more than $2 billion (roughly Rs. 16,324 crores), raising tensions among members of the crypto community.
Whale Alert, a blockchain tracker, has issued an alert regarding… binance Huge BTC transaction for over 2 million followers on Facebook Twitter.
: rotating_light:: rotating_light:: rotating_light:: rotating_light:: rotating_light:: rotating_light:: rotating_light:: rotating_light:: rotating_light:: rotating_light: 127351 #BTC ($2,062,504,721 USD) Transferred from # Finance for an unknown wallethttps://t.co/zNYPuJuoRe
– whale alert (whale_alert) November 28, 2022
Soon after, hysterical tweets inquiring about Binance’s operational status began pouring in Social media.
Changpeng ZhaoThe CEO of Binance put all doubts to rest after revealing that the company was under scrutiny to prove its reserves.
Proof of reserves are documents and evidence that show that a crypto exchange It has enough assets to handle all emergency withdrawals.
This is part of the Proof of Reserve audit. The validator asks us to send ourselves a specific amount to show that we have control of the wallet. The rest goes to a change of address, which is a new one. In this case, Input tx is uppercase, and so is change. Ignore the FUD! https://t.co/36wUPphIZk pic.twitter.com/2NkH5L5J9j
– CZ: large_orange_diamond: Binance (cz_binance) November 28, 2022
Anonymous wallet BTC It was dropped by Binance which also belongs to the exchange.
After detection of encryption crack FTX disasterA sense of fear overwhelmed the soul of cryptocurrency investors. In recent weeks, more than $200 billion (roughly Rs. 16,33,290 crore) has been taken out of the crypto market, leading to the closure of many businesses and operations.
Under these circumstances, many other exchanges are also trying to regain investor confidence by providing proof of reserve audits.
Giotos It became one of the first Indian stock exchanges to agree to provide evidence of reserves.
India CoinDCX cryptocurrency exchange It also recently published its list of on-chain and off-chain balances as part of its Proof of Reserve reports.
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