Maybe we should be worried?

[Z390]

High numbers of BTC is moving out of the Binance exchange into their cold wallet, do you think we should be worried?

This is what a friend sent to me a few minutes ago, is something cooking up with binance exchange? The next FTX maybe?

Moving of funds can be a sign of collapse?

Here is a screenshot



Anyways, apart from how alarming or less alarming this might be, my advice is to move your funds out of Binance exchange now, something is definitely cooking, might be good or bad.

The amount moved so far is 6000+ and counting.

[1714991295]

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[OmegaStarScream]

That amount is nothing compared to what Binance is actually holding (on behalf of its customers). I don't see anything worrying about them moving some funds to their cold storage wallets. I would also imagine that's something done on a regular basis for security reasons.

[kryptqnick]

I see no reason to panic. Moving coins into a cold wallet means securing the funds, I think. This way the funds of their customers are safer, less prone to being stolen. So it's a reasonable thing to do, and Binance is a huge exchange, so this amount doesn't seem too big to me.
There's always a chance of an exit scam, even with a big exchange. But I don't think that people behind Binance want to risk that much, considering they'll face criminal charges and their business doing well. But needless to say, it's better not to store funds on exchanges, even on Binance. Better safe than sorry.

[jrrsparkles]

High numbers of BTC is moving out of the Binance exchange into their cold wallet, do you think we should be worried?

The amount moved so far is 6000+ and counting.

If there is something wrong then they won't be moving the funds to their known cold wallet address so I don't think there is nothing wrong with moving funds to cold wallet and this is what the purpose of cold wallets actually in the first place.

I just counted it now, and so far the incoming BTC into that address is about 21,000BTC and it seems to the wallet balance too at the time I write this post.

3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6

But on any day you shouldn't be leaving your crypto assets in an exchange wallet if you have no intention of trading in the near future. So just a reminder to say 'Not your keys, not your cryptos'.

[AbuBhakar]

That amount is nothing compared to what Binance is actually holding (on behalf of its customers). I don't see anything worrying about them moving some funds to their cold storage wallets. I would also imagine that's something done on a regular basis for security reasons.

This true, 6000BTC is equivalent to 159K USD which is very small percentage compared to the total clean assets of Binance which is around 50B+ according to Binance Proof of Reserve recently.

https://www.binance.com/en/proof-of-reserves

It will be alarming if this withdrawal value increase while trading value decreases because it means that everyone is really leaving the exchange.

[stompix]

High numbers of BTC is moving out of the Binance exchange into their cold wallet, do you think we should be worried?

Tell your friend to stop being paranoid, you can see the history of that address here:
https://bitinfocharts.com/bitcoin/address/3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6

This happens regularly it's just Biannce adjusting its balance. Besides, the worry should be when they pull money out of their cold wallet, which means they have an excess of payments and withdrawals to complete.

This true, 6000BTC is equivalent to 159K USD which is very small percentage compared to the total clean assets of Binance which is around 50B+ according to Binance Proof of Reserve recently.

Yeah right, nobody believes that, not even their own auditors:
https://coinmarketcap.com/community/articles/63a2946981d6291ec15005c8/

[Faisal2202]

High numbers of BTC is moving out of the Binance exchange into their cold wallet, do you think we should be worried?

This is what a friend sent to me a few minutes ago, is something cooking up with binance exchange? The next FTX maybe?

Moving of funds can be a sign of collapse? ..........

Anyways, apart from how alarming or less alarming this might be, my advice is to move your funds out of Binance exchange now, something is definitely cooking, might be good or bad.

The amount moved so far is 6000+ and counting.

Moving funds to cold wallets does not mean they are going to sell the funds, instead maybe they are going to save them and hold them in a better place, plus you should provide a link to the post from where you got the pic so that we can also verify the news. And why did you compare the Binance with FTX, I mean, did FTX also move funds into cold wallets before collapsing?

In my thoughts, it is better that, they move out some funds, because this way these funds can not be used for manipulation purposes, I am not accusing them that they will use it for manipulation purposes, instead I just mentioned a good benefit of moving funds in cold wallets.

Plus, after doing some digging, I found out that, just like Binance, FTX also moved funds to cold wallets just 2 or 3 days before the collapsing, but I don't know why did they do it, maybe for the security of the customers, maybe they did not want the users to withdraw all of their funds, that's why they moved the funds as a precaution. But in the end who knows what is coming, so it is better to remain off the radar and save funds for long-term purposes in another cold wallet (personal one).

[rat03gopoh]

Maybe you don't know that cold wallets aren't intended for liquid/active activities and usually Binance applies tighter security with these wallets than the hot version. As long as the address can be identified as belonging to binance, then it's good to know. You only need to worry if these bitcoin then moves to unknown wallets.

[Husires]

If there is any panic, you will notice it in the price and in some people’s rumors or strange movements in the price. Binance are well-known in the market, and if something happens to them, there are definitely those who are following the details and will move to reduce their loss, and these movements may be an alarm bell for everyone.
7 thousand Bitcoins is a small amount that does not cause panic, it is better for you not to keep any money on the platform, start trading and when it is finished, withdraw your profits.

[Darker45]

Well, with centralized exchanges, be worried all the time. What you're worried about could happen anytime. Victims of huge exchanges that were also too big to fail hadn't see it coming.

How I wish people, particularly those who are just keeping their funds on exchanges without trading, would just pull out all of their funds from Binance and other centralized exchanges.

That amount is nothing compared to what Binance is actually holding (on behalf of its customers). I don't see anything worrying about them moving some funds to their cold storage wallets. I would also imagine that's something done on a regular basis for security reasons.

This true, 6000BTC is equivalent to 159K USD which is very small percentage compared to the total clean assets of Binance which is around 50B+ according to Binance Proof of Reserve recently.

https://www.binance.com/en/proof-of-reserves

It will be alarming if this withdrawal value increase while trading value decreases because it means that everyone is really leaving the exchange.

That isn't true, 6,000BTC is equivalent to $159 million and not $159K. And don't be fooled by its proof of reserve. It means a little, or perhaps nothing at all.

For the past 24 hours, according to Coingecko, there's a decrease of 35.52% in Binance's trading volume. This isn't particularly alarming for Binance, however, because Coinbase has a 58.34% decrease. Other exchanges also experienced a negative change in their 24-hour trading volume.

[tabas]

I am more worried when CZ starts to talk about how good their exchange was and keeps on praising is. I guess that's gonna be one of the early signs that people should pull out their funds from their accounts. But I think people should just stop worrying at all with such transfers. This prolly have started with whales transfers being posted on a certain Twitter account and then it has made a lot of uncertainty and spread it all over the community. And now, like some usual transfers from exchanges, coming to and fro is becoming a big deal. Since the worry has already started, there's no need to worry if you don't keep your funds there or with any other exchanges and custodial services.