BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Billions of Binance’s USDT Moved to an Unknown Wallet

by Abimbola Adu
Nov 18, 2022 - 12:00 am
in Blockchain
Billions of Binance's USDT Moved to an Unknown Wallet

The popularly known crypto exchange platform – Binance, was said to have moved billions of USDT stable coins from its Proof of Reserves to an unrevealed wallet. This took place hours after the exchange publicized its Proof of Reserves to enhance transparency for safety defence. 

Binance Moved $2.7 Billion Out Of ‘Proof Of Reserves’ Wallet Less Than 24 Hours After Publishing Proof of Reserves, Additional Funds Also ‘Missing’
byu/OneThatNoseOne inCryptoCurrency

The proof reserve will also help put the minds of investors and users at ease that their funds are safe following the collapse of the FTX exchange, a platform accused of mishandling customers’ funds and fraud.

The exchange claimed that the security of the digital assets of its customers is guaranteed and thus urged users to withdraw their funds from other exchanges and transfer them to its ecosystem. Shortly after, 2.7 billion USDT was transferred to a wallet not reflected in the publicized Proof of Reservations. 

Following the snapshot, some 200 million tokens were moved back to a Binance wallet, leaving us with a total of 2.5 billion USDT in the hidden wallet. Within that period, two other wallets holding huge funds were revealed in the snapshots with considerable reductions in funds. About 2.4 billion is nowhere to be found in the first of these two wallets, while 500 million reduces the second.

Only Binance can give a proper and convincing explanation of why it has kept these transactions from the knowledge of the public while still claiming to control a transparent exchange system. No doubt, a well-liked digital exchange platform like Binance is expected to control and secure the assets of its users in the safest way possible while at the same time maintaining straightforwardness. A tweet or a post could have gone a long way toward quieting its users’ disappointed thoughts without making Binance appear suspicious. 

Ideally, the Proof of Asset provided by Binance was meant to assure the users that their assets have an equivalent value to Binance’s native token. However, Binance has failed to ensure the accurate or complete backing of some cross-chain assets or provide a Proof of Asset list for most of the assets in its ecosystem.

Many are saying Binance is manipulating the sum of its users’ cryptocurrencies by producing mock-up BNB tokens that do not represent the actual value of their assets. As a result, Binance could sell or use the original value of the tangible assets.

Who knows, that could be a security measure to ensure the safety of funds in separate hidden wallets if funds are stolen from their official wallets.

Join the BTC-Pulse community on Telegram.

Tags: BinanceUSDTWallet
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Malta Financial Services Authority building representing crypto regulation leadership

Malta Regulator Assures MiCA Licenses Safe After EU Peer Review

July 11, 2025

Malta’s MFSA says no MiCA licenses are at risk after an EU review, reinforcing the country’s strong stance...

Malta’s MFSA headquarters under scrutiny from ESMA for MiCA licensing issues

EU Regulator Flags Deficiencies in Malta’s RegulatorLicensing Process

July 10, 2025

Malta’s MFSA “partially met expectations” in its MiCA license process, according to an ESMA report urging tighter crypto...

Venn Network researchers work together to neutralize a $10M backdoor exploit in smart contracts linked to DeFi protocols.

Researchers Foil $10M DeFi Backdoor Attack, Suspected Link to Lazarus Group

July 10, 2025

Researchers foiled a $10M DeFi attack by neutralizing a backdoor exploit in smart contracts, potentially linked to the...

OKX and Circle announce zero-fee USDC to USD conversions, offering smoother crypto trading experiences for users globally.

Circle and OKX Launch Zero-Fee USDC Conversions to US Dolla

July 9, 2025

OKX and Circle partner to offer zero-fee USDC to USD conversions, enhancing liquidity and simplifying the process for...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise