Binance Received a Transfer of 1.8 Trillion Shiba Inu From CryptoCom

Whale Purchases 200.89B Shiba Inu, Cements Coins Place on Top of Rankings

Over 1.8 trillion Shiba Inu (SHIB) was recently transferred by Crypto.com from one of its official wallets to a wallet connected to Binance.

The official Binance wallet has recently received a transfer of more than 1.8 trillion SHIB from one of the wallets managed by Singapore-based cryptocurrency exchange Crypto.com. Five minutes apart, the transfer took place in a batch of two 900B SHIB transactions, raising concerns about the true intent of the outflow.

Whale Alert, a cryptocurrency on-chain data tracking system, reported the two transactions that took place on Tuesday. The initial transaction was the transfer of 900 billion SHIB worth $8.2 million or more from a Crypto.com wallet with the tag Crypto.com 5 to a wallet connected to Binance. According to data from Etherscan, the transaction took place on November 29, 12:34 (UTC).

Read: 507B Shiba Inu  From Coinbase Added by 2 Wallets

A comparable transaction was identified by Whale Alert only five minutes later. The second transaction appears to have been done from the same Crypto.com 5 wallet to the previously described Binance wallet, and it entailed the transfer of an additional batch of 900 billion SHIB tokens ($8.2M+). This second transfer was completed on November 29, 12:39(UTC).

Read more:  65M Shiba Inu Burnt In a Day; Burn Rate Up 4500% 

The Binance address implicated now has ERC-20 tokens valued at $48.2M+ after this string of transactions, including the 1.8 trillion SHIB valued at $16.4M+. In addition to the recent SHIB transactions, it appears that the Binance wallet has recently engaged with wallets from several exchanges, such as Crypto.com 5, Crypto.com 3, an OKX wallet, a Kraken wallet, and a Bittrex wallet.

Millions of ERC-20 tokens have previously been sent from these exchanges’ wallets to the main Binance address, with Crypto.com 5 and Crypto.com 3 accounting for the majority of transfers. In the last four hours, $38.2M+ worth of assets has been moved to the Binance wallet from both addresses. Each time it received these tokens, the central Binance wallet has always sent funds to the address identified as Binance 14.

Predictably, the mysterious transfer of money between these wallets on Crypto.com and the Binance wallet has drawn criticism from the larger cryptocurrency community. Many are wondering if there is foul play involved with the recent wave of proof of reserve leaks in the industry.

Although there is little information on the latest transfers from Crypto.com to Binance, many supporters have expressed their worries because there have been claims made in the past indicating an alleged scheme to falsify proof of reserves by Crypto.com and Gate.io. On October 21, Crypto.com “accidentally” deposited 320K ETH (about $416M) to a Gate.io wallet that was on the whitelist. In less than a week, Gate.io returned 285K ETH.

Remember that Binance sent 127,351 Bitcoin valued at more than $2 billion to an unidentified wallet yesterday. 

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