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Data provided by the on-chain data provider Spot On Chain reveals that a wallet address starting with 0x865 recently withdrew millions of dollars worth of altcoins from <a href="http://en.coin-turk.com/binance-labs-invests-15-million-in-blockchain-game-developer-xterio/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> in two significant transactions. The data shows that on November 30, 2023, the crypto whale added to their recent transactions by withdrawing 60,000 BNB ($13.73 million) and 1.6 million MATIC ($1.22 million).
The massive crypto whale on Binance, before the withdrawal of 60,000 BNB and 1.6 million MATIC, had made a surprising asset withdrawal worth $51.54 million in the last 18 hours. Previously, the crypto whale had come to the fore by withdrawing 10,000 ETH ($20.3 million), 45,000 BNB ($10.2 million), 300 billion SHIB ($2.47 million), 260 million IOST ($2.4 million), 16 million CHZ ($1.18 million), and $3,339 worth of JASMY, MKR, GALA, ARB, OP, and GRT from Binance.
On-chain data indicates that the wallet address was created 175 days ago, on June 8, 2023, which means it is quite new. Despite the wallet address being quite recent, it is particularly notable that the crypto whale has started to accumulate a significant amount of cryptocurrency in a short time. Looking at the details of the whale’s wallet address, it is striking that it holds various altcoins valued at $53.36 million.
The crypto whale’s withdrawal of over $51 million in altcoins from Binance has led to speculation that it may be related to issues with the Binance exchange. As is known, following a lawsuit filed by the U.S. Department of Justice, the U.S. Treasury Department imposed a settlement fine of $4 billion on Binance last week.
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There is currently no statement that Binance has sold its cryptocurrencies to pay the settlement fine. However, it is possible that Binance may have to sell a portion of its assets to pay the hefty fine.
A recent report by Defillama shows that Binance currently holds a significant amount of cryptocurrency valued at $66.917 billion. Looking at the distribution of these assets, it is evident that Binance holds the most <a href="http://en.coin-turk.com/whales-continue-to-add-more-than-27000-btc-in-the-last-12-weeks/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) valued at $20.57 billion.
In addition to this, the cryptocurrency exchange is among the biggest in the stablecoin sector, holding $18.84 billion of the largest stablecoin, Tether (USDT). Binance also has a notable share in the Ethereum (ETH) <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> with $8.08 billion in Wrapped Ethereum (WETH/ETH).
<ul class="summary">
 <li>Whale withdraws millions in altcoins from Binance.</li>
 <li>Speculation rises over Binance’s legal challenges.</li>
 <li>Binance holds significant crypto assets, including Bitcoin.</li>
</ul> Continue Reading: <a href="https://en.coin-turk.com/crypto-whales-unprecedented-altcoin-withdrawals-from-binance-raise-eyebrows/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/crypto-whales-unprecedented-altcoin-withdrawals-from-binance-raise-eyebrows/</a>

Crypto Whale’s Unprecedented Altcoin Withdrawals from Binance Raise Eyebrows

COINTURK NEWS

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