59,151 BTC Unpegged From BTCB, Market Cap Plummets by 47%

© Reuters. 59,151 BTC Unpegged From BTCB, Market Cap Plummets by 47%

• CryptoQuant CEO Ki Young Ju tweeted the movement of 127,351 BTC from the BTCB wallet to the Binance cold wallet.
• BTCB wallet received 68,200 BTC from the cold wallet after 44 minutes.
• Ju identified 59,151 BTC unpegged from BTCB.

CryptoQuant CEO Ki Young Ju tweeted about the movement of 127,351 BTC from the BTCB wallet to the Binance cold wallet. On-chain data reveals the outflow of 127,351 BTC on November 18 at 06:20. Almost 44 minutes later, the BTCB wallet received 68,200 BTC.

Rationale:– If you're CZ, why do you unpeg Bitcoins from BNB chain? Your goal is to support projects on BNB chain.– No announcements from Binance means it's customer or investor's money.So I think this activity was highly likely from customer(s) who are in urgent situation.

— Ki Young Ju (@ki_young_ju) November 18, 2022

Ju discovered that 59,151 BTC had been released from the BTCB wallet and flown into Binance. He also highlighted the fall in the market cap of BTCB. It fell by 47.61% in the last 24 hours and is currently standing at $897,898,472.

According to Cryptoquant’s CEO, it appears to be sell-side liquidity rather than post-settlement. Ju also stressed that CZ won’t unpeg bitcoins from the BNB chain since he supports projects on the BNB chain.

The analyst also stated that there had been no announcement from Binance on the subject. Ju stated that this is customer or investor money, and the activity might be linked to a customer in urgent need.

However, all the speculations aside, there is no clear information on the nature of the transfer. CZ, the CEO of Binance, has not yet commented publicly on the transfer. CZ is an advocate of transparency and has always stressed the importance of the same. After backing down from the FTX takeover, CZ stressed the importance of complete transparency of the customer’s fund holdings on exchanges.

Binance’s CEO put forward the Merkle-tree proof-of-reserve audit and urged other exchanges to do the same. Some of the exchanges, including Binance, have already released evidence of their proof of reserves.

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