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».
theWhy 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.
We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and BACK TO an existing wallet, then a large transaction. No need to be alarmed. Funds are .
— CZ Binance (@cz_binance)
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 .
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