Binance Announces Bitcoin Wallet Migration, Triggers On-Chain Transfers

In a recent announcement, Binance, one of the world’s largest cryptocurrency exchanges, revealed its plans to migrate funds from its previous Bitcoin (BTC) cold wallet to a new address. Shortly after the announcement, on-chain data confirmed significant movements of BTC from Binance wallets, catching the attention of market participants.

Binance Wallet Migration

Binance stated that it would be moving funds from its previous BTC cold wallet to a new address, identified as 1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7. The migration process aimed to enhance the security and infrastructure of Binance’s BTC holdings.

This wallet transfer involved a substantial amount of BTC, totaling 130,177 BTC or approximately $3.45 billion at the time of the announcement.

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Following Binance’s announcement, on-chain data revealed the specific BTC movements associated with the wallet migration. The migration involved two main addresses:

1. 1Pzaqw98PeRfyHypfqyEgg5yycJRsENrE7: This address received 1,500 BTC as part of the wallet migration process. It serves as the new destination for a portion of exchange’s BTC holdings, aligning with their commitment to bolster security measures.
2. 39884E3j6KZj82FK4vcCrkUvWYL5MQaS3v: Another address received a significant portion of the transferred funds, totaling 115,177 BTC.

Bitcoin Whale Movements

An on-chain data analysis platform LookOnChain reported significant whale movement in this course of time. A BTC whale withdrew 15,000 BTC (equivalent to approximately $396 million) from Binance.

Interestingly, this transaction was preceded by a test transfer of 1 BTC, highlighting the meticulous approach taken by the whale before executing the substantial withdrawal.

The exchange also reassured the users about their safety of bitcoin holdings by adding this to tweet:

If you see any significant movements of #BTC from our wallets today, that’s why. Funds are SAFU.

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