SAFU: Binance transfers $134 million in ETH to a new cold wallet

25 Feb, 2019 | Updated: 25 Feb, 2019
by Will Heasman
Exchange
SAFU: Binance transfers $134 million in ETH to a new cold wallet

A few hours ago, several transactions of ETH were made between various Binance wallets, with a total transferal of 988888 ETH (nearly 1% of the total supply of ETH) - a massive USD equivalent of $134,834,878 million. This (understandably) caused a wave of panic throughout the crypto ecosystem.

All together transfers amounted to nearly 1% of the total supply of ETH.

This sent quite a few ETH holders into panic mode:

However, CEO of Binance, Changpeng ‘CZ’ Zhao, reassured the community that funds were indeed #SAFU, tweeting out that the exchange would be moving funds to a new cold wallet today:

It appears the transfer was made in an effort to test out the creation of a new cold wallet on Binance, and thanks to CZ the majority of FUD was avoided... 

This was met with a wave of grateful investors, who appreciated CZ’s transparency:

It was also met with a load of people asking CZ to ‘misallocate’ some of these funds :

CZ continues to prove his loyalty to both his customers and the community, this isn't the first time he's proceded a large movement of funds with a warning, showing that he understands the power of FUD and the damage it can cause. 

Read more: CZ announces new cold wallet creation, avoids FUD by pre-warning of $300m transfer 

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