Binance receives a transfer of 1.8 trillion Shiba Inu from

Binance receives a transfer of 1.8 trillion Shiba Inu from recently sent over 1.8 trillion Shiba Inu from one of its official wallets to a Binance wallet.

1.8 trillion SHIB moved to Binance wallet

Singapore-based cryptocurrency exchange just transferred over 1.8 trillion SHIB from one of its wallets to an official Binance wallet. The transfer occurred in a batch of two 900B SHIB transactions five minutes apart, triggering questions on the actual purpose of the outflow.

Cryptocurrency on-chain data tracking system Whale Alert highlighted the two transactions which occurred on Tuesday. The first transaction involved the transfer of 900 billion SHIB valued at $8.2M+ from a wallet with the tag 5 to a wallet affiliated with Binance. Barely five minutes later, a similar transaction was indexed by Whale Alert. The second transaction, which involved the transfer of another batch of 900 billion SHIB tokens ($8.2M+), appears to have been made from the same 5 wallet to the earlier-mentioned Binance wallet. 

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, the Binance wallet has recently transacted with wallets from several exchanges, such as 5, 3, an OKX wallet, and a Kraken and a Bittrex wallet.

Foul play suspected as massive transfers occur

In the past, the wallets from these exchanges have transferred millions worth of ERC-20 tokens to this central Binance address, with 5 and 3 involved in most transactions. Both addresses have transferred $38.2M+ of assets to the Binance wallet in the past 4 hours. The central Binance wallet has always transferred its funds to the address tagged Binance 14 each time it received these tokens.

Unsurprisingly, the mysterious transfer of money between these wallets on and the Binance wallet has drawn criticism from the wider cryptocurrency community. Many wonders if foul play is involved with the recent wave of proof of reserve disclosures in the crypto space.

Recall how, in response to investor worries about a repeat of the FTX collapse, both Binance and recently published their respective proofs of reserves. Notably, the proof of reserves for both exchanges showed sizable SHIB token holdings. Despite limited knowledge surrounding the recent transfers from to Binance, numerous proponents have expressed their concerns as claims have been made in the past, suggesting an alleged scheme to fake proof of reserves by and “mistakenly” transferred 320K ETH (~$416M) to a whitelisted wallet on October 21. transferred 285K ETH back within a week.

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