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Arkham Intelligence: Binance made several billion transactions in two weeks

Analyst firm Arkham Intelligence reported that in two weeks, Binance transferred $1 billion to its Industry Recovery Fund wallet and received $1 billion in funds from Tether Chainswap.

Arkham Intelligence analysts have released a detailed report after blockchain researchers tracking the activity of large bitcoin holders
warned the crypto community about the transfer of 127,351 BTC by the Binance exchange in the amount of just over $2 billion. This news, in the light of recent events with FTX, was perceived negatively by many investors.

Some members of the crypto community speculated that the transfer was a reversal of the exchange’s assets after the Proof of Reserve (PoR) was completed. Arkham Intelligence has confirmed a $2 billion transaction and noted two more major Bitcoin transactions by Binance in recent weeks.

For example, the exchange of BUSD for $1 billion, which was allegedly intended for the Crypto Industry Recovery Fund created by Changpeng Zhao. In addition, Binance received about $1 billion from Tether as part of the Solana-to-Ether swap. Zhao soon
confirmedthat the massive $2 billion deal was actually part of a PoR:

“The auditor required us to send a large amount to our own address in order to see that we control the wallet. And the rest of the assets were sent to a new address.”

Binance has previously published its PoR, but some investors remain skeptical. Reason: The exchange did not provide any details about its liabilities and did not show a clear separation between its own assets and client funds.

Last week, Binance announced that it intends, through its new Proof-of-Reserve system, to regularly
prove to their users that their assets are not in danger.


Source: Bits

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