FUD Around Binance As CZ Had To Explain The $1 Billion Token Transactions

A few hours ago, the cryptocurrency exchange Binance moved over $1 billion worth of tokens from its exchange wallet. The crypto community has been spreading FUD over the huge transactions, ranging from a possible attack on the exchange, new wallets, custody, but even a possible exit scam.

According to the block explorer, the smallest amount of tokens that moved from Binance was a little over $530,000 worth of EOS, while the largest one was $512 million worth of BNB. The transactions were found out and quickly spread into FUD.

Binance CEO, Chagpeng Zhao (CZ), was quick to respond to the allegations. According to him, the funds are transferred to Binance’s new wallets to improve the security of the exchange.

Nothing to worry about. Check the tx logs, plenty of tx FROM the new address TO our old wallets. No need to spread FUD. We are constantly working on beefing up our security even more. http://t.co/UnNJ5mH54g

— CZ Binance (@cz_binance) November 29, 2018

“Nothing to worry about.  Check the tx logs, plenty of tx FROM the new address TO our old wallets — no need to spread FUD.  We are constantly working on beefing up our security even more,” CZ tweeted. The Binance CEO also referred to a Tweet he posted a month ago stating that the company will be moving large amounts of funds to and from their cold wallets:

“We 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 TO an existing wallet, then a large transaction. No need to be alarmed. Funds are #SAFU,” as he tweeted.