Bitcoin worth $2 million has been moved from Binance, as reported by one of the crypto data trackers, Whale Alert. According to the tracker, 127K Bitcoins worth $2,062,504,721 were transferred from a crypto exchange Binance to an unknown wallet. Moreover, On Monday, the price of Bitcoin fell, breaking the $16.5 k support level. The crypto community questioned the objective behind the movement.

The crypto exchange Binance respond to the Whale alert tweet, “As part of our Proof-of-Reserves (PoR) process, #Binance is working with a 3rd party auditor to provide proof of ownership. You will likely see some large transfers between #Binance’s owned wallets throughout the day as a result of this. Funds are SAFU.”

In the aftermath of FTX repercussions, various crypto exchange and trade firms have moved to proof-of-reserve in the last few days. Binance also moved to a proof-of-reserve system, initiating with Bitcoin first and then Ethereum. The company also shared a snapshot of account balances and Bitcoin reserves.

Lookonchain has confirmed the move and informed that the Binance cold wallet now has zero worth, and the crypto community also raise queries as Bitcoin saw a sudden selloff today, will BTC be dumped?

This is the same cold wallet from which BTC has been moved, one has an inflow of 127,351 BTC on Oct 26 and Nov 11. Now the same amount has been transferred to a new one.

In the last 24 hours, Bitcoin prices have been down over 2% and trading at $16,223. As the BTC price saw a massive sell-off, the trading volume went up to 30%. 

In the last 24 hours, the bitcoin low has remained at $16,086, whereas the high for bitcoin is $16,594.

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