On-chain data shows that Crypto.com, one of the largest centralized exchanges in the market, is carrying a large amount of altcoins to Binance. Crypto.com moved around $8.2 million on the day.
Crypto.com has stacked this altcoin on Binance
The data shows that the exchange has transferred 1.8 trillion Shiba Inu to Binance. The transfer took place from Crypto.com’s official wallet to Binance. The Singapore-based crypto exchange made two transactions of 900 billion SHIB, five minutes apart. This triggers fear due to the growing concern for centralized platforms.
🚨 900,000,000,000 #SHIB (8,286,480 USD) transferred from #CryptoCom to #Binancehttps://t.co/7B8lCSTJ4V
— Whale Alert (@whale_alert) November 29, 2022
After the first operation above, the second came five minutes later. It contained approximately 900 billion SHIBs in two transactions. Every transaction seems to be made from Crypto.com’s wallet to Binance wallet
🚨 900,000,000,000 #SHIB (8,278,380 USD) transferred from #CryptoCom to #Binancehttps://t.co/TSY39bfCxd
— Whale Alert (@whale_alert) November 29, 2022
Binance’s respective wallet currently holds 48.2 million ERC-20 tokens. This fund includes the above 16.4 million SHIB transaction. Aside from recent SHIB transactions, Binance wallet appears to have interacted with wallets on various exchanges in the recent past, including Crypto.com 5, Crypto.com 3, an OKX wallet, a Kraken wallet, and a Bittrex wallet.
Transactions between centralized exchanges sparked reactions
The mysterious flow of funds between Crypto.com and Binance has sparked backlash from the crypto community. It has come to the fore that exchanges can make irregulars in their proof of reserve. With the bankruptcy of FTX, centralized exchanges are revealing their reserves to regain investor confidence. Pioneering this, Binance and its CEO came under fire for the $2 billion Bitcoin transfer yesterday. CZ later said the transaction was for auditing. The community’s quick reaction to this prior to CZ’s statements is a positive sign in terms of oversight.
This is part of the Proof-of-Reserve Audit. The auditor require 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. Ignore FUD! https://t.co/36wUPphIZk pic.twitter.com/2NkH5L5J9j
— CZ 🔶 BNB (@cz_binance) November 28, 2022
By the way, as you follow on Kriptokoin.com, 499.9 billion SHIB were moved from Binance wallets today.
Crypto.com, Coinbase and Binance are on the agenda with suspicious transfers
Further data from Etherscan found that two emerging Shiba Inu investors have transferred millions of dollars of SHIB to Coinbase-linked wallets. The initial transaction was valued at $2.51 million. It contained 272.01 billion SHIB.
At the same time, another whale became active. In a significant transaction, he bought a massive 235.53 trillion SHIB from Coinbase for $2.17 million. This whale currently owns 546.21 billion Shiba Inu, worth $5.05 million.
Along with the Shiba Inu’s collection of whales, the Shiba Inu community continues to remove millions of Shiba Inu from circulation nearly every day. The community has destroyed more than 64.88 million SHIBs in 13 separate transactions in the last 24 hours. As a result, the Shiba Inu’s burn rate has increased tremendously by 4497% compared to the last day. On the other hand, major exchanges prefer Shiba Inu to be part of their reserves. According to the latest report, Binance and Crypto.com collectively have 1.50 billion worth of SHIB in their reserves.
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