$58 Million Worth of USDT Flows Into Binance, Raises Community Concerns

Bitfinex Tether

$58 Million Worth of USDT Flows Into Binance, Raises Community Concerns

Two separate transactions have directed a total of $58 million worth of USDT to cryptocurrency exchange Binance. The transactions have got the crypto community talking about the highly controversial cryptocurrency, USDT.

$58 Million Transfered Between Huobi, Bitfinex And Binance

Over $50 million USDT were recently transferred from an Unknown Wallet to Binance, per Twitter account, Whale Alert. The transaction has become a hot topic not just because of the size of the transaction, but the also cryptocurrency involved in it – USDT.

Another USDT transaction amounting to $8 MM also took place between Bitfinex and Binance. According to a Twitter user,

The news of the transfer of funds of such sizes between crypto exchanges is a rare occurrence which is why community members responding to the fund transfer have weighed in with varying opinions which include whales buying the dip of the present bear markets and pumping of shitcoins.

Bitfinex’s Involvement Raises Questions

USDT and Bitfinex, closely related projects owing to having the same parent company, have recently been in the middle of several controversies.

Recently, Bitfinex got itself entangled in a fresh controversy around market manipulation. As CoinGape reported earlier, the exchange recently announced that it was expecting a possible market manipulation lawsuit from an undisclosed group of people.

According to an official announcement,

“We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit, which may have been the true motive of the paper all along. In fact, we would not be surprised if just such a lawsuit will be filed imminently.”

The exchange also said that it will defend itself accordingly if the lawsuit was filed. The news comes following the event of iFinex, securing a motion from NYAG for not having to provide any additional documents in the case of Bitfinex covering up for “missing funds” by borrowing from Tether. Allegedly, the exchange had taken $600 million from Tether after losing $850 million to a currency converter.

However, this does not imply that iFinex is out of troubled waters. The company has been granted time the 4th of November to perfect its appeal.

Summary
$58 Million USDT Transactions Flow Into Binance From Two Other Exchanges, Raises Community Concerns
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$58 Million USDT Transactions Flow Into Binance From Two Other Exchanges, Raises Community Concerns
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Two separate USDT transactions have directed a total of $58 million to Binance, popular cryptocurrency exchange, perhaps the leading crypto exchange in terms of innovation and active developments within the crypto ecosystem.
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Coingape
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Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 229 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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