Binance are no strangers to moving large sums of cryptocurrencies between cold storage wallets in an attempt to keep customer assets as well as their own safe.
Following a recent announcement by the Binance CEO Changpeng Zhao, who often tweets about large transactions occurring on Binance to prevent Fear, Uncertainty, and Doubt (FUD), Binance moved a whopping 90,530 Bitcoin in a single transaction.
It’s that time again. Rotating wallets. Funds are #SAFU. https://t.co/KKEIHt0Mwu— CZ Binance (@cz_binance) July 9, 2019
The transaction totalled $1.174 billion being moved across the blockchain for a fee of just $5.72, once again showing the power of remittance in the crypto space.
The transaction caused quite a stir on Twitter as traders began to believe a whale was preparing for alt season, however Binance quickly reminded everyone that the transaction was an internal transaction from Binance.
Everybody is going crazy about this; but this is just 1 transaction; so not organic— FatihSK (@FatihSK87) July 11, 2019
It was an internal transfer.— Binance (@binance) July 11, 2019
#internaltransferseason— The Crypto Dog📈 (@TheCryptoDog) July 11, 2019
Binance is one of a few exchanges that actively communicates on social media platforms when performing large transactions on the blockchain. As CZ would always say, funds are #SAFU