{"id":517330,"date":"2022-11-28T16:49:21","date_gmt":"2022-11-28T13:49:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit\/"},"modified":"2022-11-28T16:49:21","modified_gmt":"2022-11-28T13:49:21","slug":"binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit\/","title":{"rendered":"# Binance CEO explains 127K BTC transfer, points at proof-of-reserve audit"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3874edf40b6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3874edf40b6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit\/#%E2%80%9D_Binance_CEO_explains_127K_BTC_transfer_points_at_proof-of-reserve_audit_%E2%80%9C\" >&#8221; Binance CEO explains 127K BTC transfer, points at proof-of-reserve audit &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_CEO_explains_127K_BTC_transfer_points_at_proof-of-reserve_audit_%E2%80%9C\"><\/span>&#8221; Binance CEO explains 127K BTC transfer, points at proof-of-reserve audit &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNmQ1ZTU5ODMtZjM0NS00YjczLWJlNGUtZTQ1MTJjZjE3ZWMxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to the CEO.<\/p>\n<p>Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_alert\/status\/1597169416084529155?s=20&amp;t=krQLw-3eFtT7vniTW-FqOQ\">reported<\/a> on Monday. According to on-chain data, the transaction <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/whale-alert.io\/transaction\/bitcoin\/a2df8acfab675fed1ad1b97e9dbef8d259510315ffb651c0c1de1bdff4a7730e\">occurred<\/a> at 10:00 am UTC, costing Binance just a 0.000026 BTC ($0.42) fee.<\/p>\n<p>The huge Bitcoin transaction has im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely triggered some FUD in the community, with many <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/143gojo\/status\/1597201147902951424?s=20&amp;t=krQLw-3eFtT7vniTW-FqOQ\">noting<\/a> that Binance has moved an amount that is an entire fortune in one single transaction.<\/p>\n<p>Binance CEO Changpeng Zhao subsequently took to Twitter to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1597192848025464833?s=20&amp;t=krQLw-3eFtT7vniTW-FqOQ\">announce<\/a> that the massive transaction is part of Binance\u2019s PoR audit process. He also called the community to keep calm and ignore the FUD, stating:<\/p>\n<blockquote><p>\u201cThe auditor requires us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is big, and so is the change.&#8221;<\/p><\/blockquote>\n<p>The CEO also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1597194234452643841?s=20&amp;t=krQLw-3eFtT7vniTW-FqOQ\">referred<\/a> to an old post on Twitter that he posted four years ago, calling on the crypto community to \u201clearn about blockchain transactions\u201d and \u201cchange addresses.\u201d<\/p>\n<p>\u201cWe will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and back an existing wallet, then a large transaction. No need to be alarmed,\u201d Zhao wrote in a tweet in October 2018.<\/p>\n<p>In response to growing FUD in his comments, Binance CEO posted another tweet, arguing that investors that \u201cbelieve FUD all the time,\u201d are also \u201clikely to be poor.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I know it&#8217;s hard. <\/p>\n<p>If you thought a fraudster is legit, you probably are already poor.<\/p>\n<p>But&#8230;<\/p>\n<p>If you believe FUD all the time, you will also likely to be poor.<\/p>\n<p>Life is not easy.<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1597195376079294466?ref_src=twsrc%5Etfw\">November 28, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The latest Binance transaction has <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arently raised eyebrows of investors as Zhao himself declared that exchanges moving large amounts of crypto to prove their wallet address is not good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>. On Nov. 13, Zhao <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1591690261029130240?s=20&amp;t=RCT88e53TPriMyJWL59alw\">wrote<\/a> on Twitter the following statement:\u00a0<\/p>\n<blockquote><p>\u201cIf an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU.\u201d<\/p><\/blockquote>\n<p>The news comes shortly after former Kraken CEO and co-founder Jesse Powell argued Binance\u2019s PoR approach was \u201cpointless\u201d without liabilities.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>CoinMarketCap launches proof-of-reserve tracker for crypto exchanges<\/em><\/strong><\/p>\n<p>A number of industry experts, including DAO Maker Hassan Sheikh and JAN3 CEO Samson Mow, are also confident that exchanges\u2019 PoR practice is useless without liabilities\u00a0because it\u2019s very difficult for exchanges to fake liabilities.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance CEO explains 127K BTC transfer, points at proof-of-reserve audit &#8220; Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to the CEO. Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Monday. According&#8230;<\/p>\n","protected":false},"author":1,"featured_media":517331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNmQ1ZTU5ODMtZjM0NS00YjczLWJlNGUtZTQ1MTJjZjE3ZWMxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,74863,131770,74880,117,10401,87950],"class_list":["post-517330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-fud","tag-transactions","tag-business","tag-twitter","tag-whale"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=517330"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/517331"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=517330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=517330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=517330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}