With a cold wallet Binance brought 988 888 ETH. What happened?

Date:

2018-10-23 02:15:10

Views:

3406

Rating:

1Like 0Dislike

Share:

With a cold wallet Binance brought 988 888 ETH. What happened? Source:

One of the largest exchanges Binance recently sent 988 888 ETH from one purse to another. About it on Twitter said the General Director of the company, Chanpen Zhao. He assured that all funds are safe and cryptocommunist nothing to worry about. It is noteworthy that such a large transaction resulted in an increase of the parameter « days destroyed».

the

Why Binance moves coins

When the operation was not without superstitions. The amount was transferred in two steps: first, a transaction for 100 000 ETH, then ETH 888 888. Recall that 8 is considered a lucky number in China. Perhaps, Zhao decided to once again to be safe before such an important event.

According to the portal , the operation was the largest Binance «the withdrawal from the stock exchange» since February of this year. In that month the exchange Poloniex company Circle, and the cold wallets of exchanges have moved about 2 million coins Ethereum.

But what does «Ethereum days destroyed»? This concept helps to more accurately determine the economic activity of the project, it is a simple accounting of transactions per day not give a complete picture about the popularity of Ethereum as a means of payment. EDD helps to filter out the «unnecessary» translations, i.e. those that do not carry any economic value (the distribution of coins in the wallets, fictitious trading volume, and so on).

image Source — Trust Nodes

The EDD is calculated as the product of the number of coins transferred by the number of days during which these coins remained without movement. Using this indicator easy to track large transactions cryptocurrency with cold wallets of exchanges or whales. Translation Binance led to the first sharp increase in EDD in February of this year.

When conducting such a large operation have to be taken into account all security measures. The largest transaction in the crypt (Mt. Gox in 2011 and Bitfinex in 2015) had not gone as planned — some time later both cold wallet was hacked.

It is logical that the exchange does not have to touch the funds in their cold wallets without a huge need. Earlier Binance was offline for several hours because of problems with the databases, some cryptoanalysis the operation associated with this incident.

image Source — Trust Nodes

The Second version Binance can learn from Coinbase. Recall, the largest U.S. crypto currency exchange no just one cold wallet. All funds of the company are distributed in several locations, with totals no more than 10 000 ETH. Under this strategy, the risk of losing all of the money is much lower. In any case, the transaction Binance had no effect on the price of Ethereum, so far everything is quiet.

Information was prepared . Share your conspiracy theory in our .

Recommended

Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam

Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam

co-Owner Bitcoin.org and most popular forum about cryptocurrency Bitcointalk.org Cobra called Coinbase Scam Pro trading platform American crypto currency exchange Coinbase. In his tweet he wrote «if you read Coinbase Pro backwards, get the word ...

The Ethereum is a cryptocurrency Scam. A new report Chainalysis

The Ethereum is a cryptocurrency Scam. A new report Chainalysis

When people learned how to create a new cryptocurrency and began to build their infrastructure like marketplaces, in the field began to appear and fraud. According to blockchain auditor Chainalysis for the past two years, fraud in the ecosystem has s...

Rally Bitcoin — deception. Well-known economist advises to invest in gold

Rally Bitcoin — deception. Well-known economist advises to invest in gold

Director of Euro Pacific Asset Peter Schiff does not see anything supernatural in growth . Recall that the main cryptocurrency has already risen by 179 percent since the beginning of 2019 and is now trading at the level of $ 8540. According to Schiff...

Comments (0)

This article has no comment, be the first!

Add comment

Related News

VEB and the Grozny mayor's office transferred the housing sector on the blockchain

VEB and the Grozny mayor's office transferred the housing sector on the blockchain

In February, the first Deputy Chairman of VTB Olga Dergunova positively the prospects of the blockchain. According to her, the technology will improve the speed of transactions and security standards. To move from words to action ...

Hacker 1337. How to hack Etherscan not to cause any harm

Hacker 1337. How to hack Etherscan not to cause any harm

Monday on the website Etherscan.io appeared a pop-up message with the numbers 1337. The visitors began to panic and spread rumors about hacking Explorer. really hacked, but the damage from a hacker attack was zero. About it writes...

Ravencoin increased by 200 percent. The coin adds to the Binance

Ravencoin increased by 200 percent. The coin adds to the Binance

Recall, 11 Oct CEO Binance, Chanpen Zhao made a very nice statement — it turns out that the exchange will spend all the charges for the listing of coins for charity. Some time later, Zhao also promised to add a coin Ravencoin to t...

On boxer Floyd Mayweather sued. Reason — PR cryptocurrency Scam

On boxer Floyd Mayweather sued. Reason — PR cryptocurrency Scam

According to TMZ, world famous boxer Floyd Mayweather and producer DJ Khaled was prosecuted for the promotion of cryptocurrency project Centra Tech. The report said that the star Duo filed a lawsuit. They used their own popular an...

Mining is losing popularity, the chip manufacturers diversifitsiruetsya. Should we worry about?

Mining is losing popularity, the chip manufacturers diversifitsiruetsya. Should we worry about?

the world's Largest manufacturer of the chips (TSMC) forecasts a decline in demand among cryptocurrency miners. The decline is planned for the fourth quarter of this year. The growth rate declined from the previous 7.9 percent to ...

Bitcoin will jump to 10 thousand dollars, but for digital gold earlier

Bitcoin will jump to 10 thousand dollars, but for digital gold earlier

a Guest of the last issue of Fast Money on CNBC was made by the CEO of cryptocurrency Trading broker Genesis Michael Moreau. Quickly get to the bottom, host Melissa Lee asked the eternal question about whether or not Moreau Bitcoi...

Service 2Masternodes ceased to support ANON, VIVO and SmartCash. What is the reason and what's next?

Service 2Masternodes ceased to support ANON, VIVO and SmartCash. What is the reason and what's next?

Yesterday was busy. Users who owned shares or all masternode ANON, VIVO and SmartCash, received a return of their coins. This is not a bug of the system, and the service refused to work with these projects. Talk about the reasons ...

Fidelity – the most important event for the cryptocurrency industry. Why?

Fidelity – the most important event for the cryptocurrency industry. Why?

Founder and Executive Director of One Alpha Yaniv Feldman in an interview with CNBC Crypto Trader discussed the release of Fidelity to the cryptocurrency market. He spoke about the opportunities that the project opens for institut...

As the postponement of Constantinople influenced the price of Ethereum? Response graphs

As the postponement of Constantinople influenced the price of Ethereum? Response graphs

Ethereum «goes on very thin blade» — the price of the asset balances on the psychologically important level of support. At the moment the chart on cryptocurrency while there is no explicit signal to growth, first she mus...

The release of the Litecoin Core 0.17 — soon. The fee will be reduced ten times

The release of the Litecoin Core 0.17 — soon. The fee will be reduced ten times

one of the «oldest» cryptocurrency in the industry. However, this title does not prevent the project still remain relevant and please cryptoendoliths new updates. Very soon, the Litecoin development team will release th...

New deadline: Constantinople release officially postponed until January 2019

New deadline: Constantinople release officially postponed until January 2019

the Holders of Ethereum will have to be patient — hardwork Constantinople will take place no earlier than 2019. This was announced by the developers of the Ethereum Foundation after his meeting on Friday 19 October. Recall the tes...

CRYPTOMACH / First felony for mining in Russia, secret Easter eggs from Satoshi and cheap fees for sending 30 thousand BTC

CRYPTOMACH / First felony for mining in Russia, secret Easter eggs from Satoshi and cheap fees for sending 30 thousand BTC

the Last seven days have been hectic. The week began with the rise of the courses of most of the coins, which eventually turned out to be a consequence of the fall stablon USDT. Then we waited for a letter from Satoshi Nakamoto, t...

The network of Bitcoin peaked, but still normal

The network of Bitcoin peaked, but still normal

this month, the Bitcoin blocks are downloaded by 95 percent, but it almost did not affect the Commission's network of cryptocurrency. They remain relatively low average transaction cost remains at less than 10 cents. In the Twitte...

Why Bitcoin doesn't compete with altline? The main arguments of the expert

Why Bitcoin doesn't compete with altline? The main arguments of the expert

In a recent interview, popular cryptoanalysis Tony Weiss said, what is the main advantage of Bitcoin over other coins of the stock market. In his opinion, the use of alternative blockchains expose themselves to very great risks, a...

Results of trading: the end of the week for altcoins?

Results of trading: the end of the week for altcoins?

popular altcoins is full of positive fundamental factors. But if we can match it with growth charts coins? Trying to understand the examples from EOS , Stellar, Tron and Cardano by changing their prices. The analysis will tell you...

Who is stealing our bitcoins? 65 percent of cryptoslam to blame one country

Who is stealing our bitcoins? 65 percent of cryptoslam to blame one country

the Research company Group-IB revealed that the hacker group "Lazarus" has stolen cryptocurrency on the stunningly equivalent to 571 million dollars. And this is only the beginning of 2017. Not be excluded the increase in the numb...

It's time to trade: as hardwork Monero impact on the price of cryptocurrency?

It's time to trade: as hardwork Monero impact on the price of cryptocurrency?

Since the last hard forks Monero has been more than 36 hours. The situation in the chart cryptocurrency has not changed much, but the bulls have a chance to break the nearest resistance zone. Upgrade network XMR laid a good Founda...

Profitable: hedge funds don't want to short the Ethereum. Cryptocurrency at the bottom

Profitable: hedge funds don't want to short the Ethereum. Cryptocurrency at the bottom

to Short the Ethereum very profitable — such a conclusion came from the major investors. Judging by the state of the market, almost no one expects a new wave plum cryptocurrency to buy cheaper. Statistics OTC trade deals suggests ...

Bad crowdfunding: 86 percent of the tokens are cheaper than during the ICO

Bad crowdfunding: 86 percent of the tokens are cheaper than during the ICO

analyst firm Ernst & Young issued a report on the results of the profitability ICO this year. As you may have guessed, due to the global adjustment of the entire stock market investors have lost a significant portion of their...

Sia prepares hardwork, which Bitmain will remain out of work. An update is imminent

Sia prepares hardwork, which Bitmain will remain out of work. An update is imminent

the project Team Sia updated the code for the mandatory hard forks. This is done in order to block the miners, who use the equipment and other major manufacturers. Probably, thus the company is trying to resist the centralization ...