Suspected Crypto Whale Amassed $187 Million in Diverse Binance Assets

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Published: December 01, 2023 at 4:50 am Updated: December 01, 2023 at 4:50 am

Edited and fact-checked:
December 01, 2023 at 4:50 am

In Brief

A crypto whale allegedly acquired a diverse portfolio of crypto worth $187 million from Binance, raising questions about its legality.

According to public on-chain data, a “crypto whale” is believed to have amassed $187 million worth of various digital assets from Binance over the past three days. This event raises questions about the management of the exchange and the legality of some of its activities.

The activity was captured and reported by Lookonchain, and points to a single entity behind the massive acquisition.

The assortment of assets acquired includes 2,380 Bitcoin (BTC), valued at approximately $90.64 million, 172,000 Binance Coin (BNB) worth around $39.19 million, and 16,300 Ethereum (ETH), amounting to roughly $33.61 million.

The haul also comprises 200,000 Solana, 530 billion Shiba Inu, 460 million IOST, 1.6 million Polygon, and 16 million Chiliz, adding up to millions more in value.

These transactions were notable not only for their scale but also for the diversity of the cryptocurrencies involved.

It seems that a whale has accumulated ~$187M assets from #Binance in the past 3 days, including:

2,380 $BTC($90.64M)
172K $BNB($39.19M)
16,300 $ETH($33.61M)
200K $SOL($12.2M)
530B $SHIB($4.4M)
460M $IOST($4.2M)
1.6M $MATIC($1.22M)
16M $CHZ($1.16M)
… pic.twitter.com/3q1kjifU8B

— Lookonchain (@lookonchain) December 1, 2023

Analyzing the Binance Whale’s Moves

Lookonchain’s analysis revealed that all transactions originated from three newly created wallets on June 8. The simultaneous withdrawals from Binance have sparked speculation that the same individual or entity operates these wallets.

This kind of activity is quite familiar in the crypto world. Large-scale buyers, often known as ‘whales,’ can wield considerable influence over the market.

The news comes at a time when the crypto market is experiencing a period of heightened activity and scrutiny. Changpeng “CZ” Zhao, the founder of Binance, recently stepped down from his role as Chairman of the Board of Directors at Binance.US. It also coincides with increasing global regulatory scrutiny on the operations of cryptocurrency exchanges.

The actions of this whale could have various implications for the market. Large-scale purchases can signal confidence in the digital assets market, potentially influencing other investors.

However, they also raise questions about market manipulation and the impact of major players on the liquidity and stability of cryptocurrencies.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti