Binance CEO explains 127K BTC transfer, points to proof-of-reserve audit

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Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to its CEO, Changpeng “CZ” Zhao.

Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Nov. 28. According to on-chain data, the transaction occurred at 10:00 am UTC, costing Binance a fee of just 0.000026 BTC ($0.42).

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