Binance Platform Holds $8 Billion ETH in Its Cold Wallet

• Binance CEO stated that the platform has about $8 billion ETH in its cold wallet.
• Ethereum is currently trading at $1,472 and is down 7.98%.

Changpeng Zhao, CEO of Binance, reported that as of this morning’s early hours, the BNB platform had ETH worth about $8 billion stored in its cold wallet. He added that they are serving as custodians for the user funds and further clarified that these funds are unrelated to the platform.

Additionally, on November 7, Binance tweeted that on November 8, they would perform wallet maintenance for the Ethereum Network (ERC-20). As stated by the Binance team, withdrawals have been suspended this morning to secure the wallets. This maintenance process will not have an impact on the ETH.

And on November 7, the Binance platform dumped all FTT tokens, causing the FTX to experience a top collapse of its Ethereum (ETH) reverse. The exchange has lost nearly 300,000 ETH in the last two days, according to data provider CryptoQuant. FTX’s Ethereum reserve is currently around 108,246.43. This is one of the most significant drops recorded since November 2020.

Today’s ETH Price Statistics

The entire crypto market has been facing bears in recent days, with the global crypto market down 6.83% and trading at $963.10B in the last 24 hours. The ETH price has been trading steadily in the 15k range for the past few days, but it has dropped to 14K this morning. At the time of writing, the Ethereum (ETH) price is $1,472 and it is down 7.98%. With a volume of $18.29 billion in 24 hours. With a market cap of 179 billion dollars and 122 million ETH in circulation.