The popular cryptocurrency exchange Binance relocated a massive sum of $1.26 billion worth of Bitcoin today, a transfer which cost them $124.60 in network fees.
Binance CEO Changpeng Zhao announced this morning that the huge transfer was scheduled to happen today.
“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 #SAFU.”- read the CEO’s tweet.
Whale Alert quickly notified its Twitter followers that Binance had successfully made several transfers which relocated 145,980 BTC to a new, unknown wallet address.
— Whale Alert (@whale_alert) May 29, 2019
The transactions have been recorded on the #578327 and #578328 blocks of the Bitcoin blockchain, which were broadcasted at around 9:00 UTC, May 29.
According to blockchain explorer data, the first transfer involved 77,410.477 BTC ($667 million), resulting in $19.22 worth of network fees.
The second transfer moved 68,569.60 BTC ($594 million), incurring a heftier fee of $105.38.
The Bitcoin network’s unique feature enables users to select the amount of their network fee when they make peer-to-peer transactions.
Smaller fees will result in slower transaction times, and logically, a higher fee will place your transaction at the top of the list, ensuring a faster execution time. This system encourages users to contribute more to the miner fee.
I only assume that the person that hit the Send button to make the first transaction from the Binance cold wallet is still suffering from anxiety.