Suspicious Whale Withdraws $51 Mln Worth ETH, SHIB, And Other Cryptos From Binance

As per on-chain data provider Spot On Chain, a suspicious whale accumulation, identified by the address (initials) 0x865, has recently executed two substantial transactions on Binance. On November 30, 2023, the whale withdrew 60,000 BNB ($13.73M) and 1.6M MATIC ($1.22M), adding to its recent activity.

Whale Transferred More Than $51 Mln to Binance

In the past 18 hours, this whale has withdrawn a staggering $51.54M in assets, as detailed in the previous signal. The current holdings of the whale amount to $53.36M, comprising various tokens.

The previous withdrawals included 10,000 ETH ($20.3M), 45,000 BNB ($10.2M), 300B SHIB ($2.47M), 260M old IOST ($2.4M), 16M CHZ ($1.18M), and a small amount of $3,339 worth of JASMY, MKR, GALA, ARB, OP, GRT.

The address 0x865, associated with this whale, was created 175 days ago on June 8, 2023. Notably, despite its creation date, the whale only recently began accumulating a significant amount of tokens. The whale currently owns various assets valued at $53.36 million.

Also Read: Australia Unveils Bold Strategy To Tackle Banking And Crypto Scams

Whale Movement Sparks Speculations

The recent accumulation is raising suspicions about its affiliation, possibly with the Binance exchange itself. Following a lawsuit by the US DoJ, the treasury enforced a settlement penalty of $4 billion on Binance.

As of now, there’s no announcement of Binance liquidating its holding to pay the settlement money. However, there’s a possibility that Binance might sell some of its holdings to clear the fine imposed.

In a recent report from Defillama, it has been revealed that Binance currently owns a substantial total asset holding of $66.917 billion. The breakdown of these holdings includes a staggering $20.578 billion in Bitcoin (BTC), underlining Binance’s significant presence in the BTC market.

Additionally, the exchange holds $18.84 billion in Tether (USDT), a popular stablecoin, further solidifying its influence in the stablecoin sector. Notably, Binance also has a noteworthy position in the Ethereum (ETH) market, with $8.085 billion in Wrapped Ethereum (WETH/ETH).

Also Read: SEC Chair Gary Gensler Hinted At Spot Bitcoin ETF Approval? Speculates Bloomberg Analyst

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.