Whale Alert: Why are $100 Million ETH on Their Way to Binance

A massive Ethereum (ETH) transaction which included 707,112 ETH ($99,383,302) was noticed recently, heading from an unknown wallet to one of Binance wallets. The transaction was identified by the Twitter account Whale Alert almost immediately, and it occurred today, on February 25th, at 06:31:35 AM +UTC.

As mentioned, it is unknown who deposited the funds, which sparked speculations. However, one of the strongest theories so far is that Binance itself moved the funds.

Did Binance move the funds?

Even though it can be suggested that this might be a sell-off from one of the whales, the more likely theory is that largest exchange in the world moved the funds itself, although the reasons behind the transfer are not known.

This is not the first transaction between this particular wallet and Binance. Most of the previous activities of the unknown wallet included payments being sent to several wallets which are hold by Binance. As a result, many are now convinced that the unknown wallet is one of Binance’s cold storages.

One of the comments at the wallet’s Etherscan page, Source: Etherscan.com

It would hardly surprise anyone that the largest cryptocurrency exchange in the world turned out to have cold wallets that were previously unknown, which adds more weight to the theory. However, as mentioned, the reason for the transaction remains unknown as well, if Binance is behind it. If not, this might be the activity of one of the whales, although that seems unlikely at this point.

The unknown wallet has seen a decent amount of activity in the past six months. The second most significant amount included exactly 888,888 ETH, and it occurred over four months ago. There are additional three massive transactions with a total amount of 381,000 ETH. The other transactions included small amounts, often less than 1 ETH.

The post Whale Alert: Why are $100 Million ETH on Their Way to Binance appeared first on CryptoPotato.

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