Binance Moves $1.69 Billion in Bitcoin Between Internal Wallets, Fueling Hack-Recovery Speculation
Summary
- Binance said it transferred about 21,750 Bitcoin worth roughly $1.69 billion between internal wallets.
- OnchainLens said the large asset transfer may have been aimed at replenishing assets for users affected by the hack.
- Binance said that after a hack worth about $6.3 billion, it used its own funds to replenish customer assets, covered about 95% of the affected holdings, and resumed withdrawal services in stages.
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Binance, the global cryptocurrency exchange, has moved about $1.69 billion worth of Bitcoin between internal wallets, according to on-chain data.
OnchainLens, an on-chain analytics firm, said on Nov. 1 that Binance recently transferred about 21,750 Bitcoin between a cold wallet and a hot wallet. The tokens were worth about $1.69 billion at market prices at the time.
A cold wallet stores digital assets offline, while a hot wallet is connected to the internet and used to process transactions such as deposits and withdrawals.
OnchainLens said the large asset transfer may have been aimed at replenishing assets for users affected by the hack. Binance has not officially confirmed the specific purpose of the transfer.
Binance said on Oct. 29 that it would use its own funds to replenish customer assets after suffering a hack worth about $6.3 billion. It later said it had covered about 95% of the affected assets and was making additional purchases of some less-liquid tokens.
Binance resumed withdrawal services in stages on Nov. 1. The exchange reportedly processed about $4.6 billion in withdrawals on the first day of the resumption.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.