Binance Hot Wallet Loses $18.77 Million in Two Mysterious Bitcoin Withdrawals
CryptoNewsTerminal Staff14 Aug, 2024
Binance Hot Wallet Loses $18.77 Million in Two Mysterious Bitcoin Withdrawals
According to ARKAM, a blockchain analytics firm, an anonymous bitcoin address has withdrawn approximately $18.77 million worth of BTC from Binance, in two separate transactions. The anonymous address 3J5Vmz4FrnDpP2UKQpp9gU71PAZd86duUy received 306.5 BTC within the last two hours, worth around 18.77 million USD. The first transaction occurred about two hours ago for 102 BTC, followed by another transaction for 204.5 BTC 40 minutes later. At the time of the withdrawals, the onchain acquisition cost basis was $60,998. The motivation behind the withdrawals remains unknown, as the address has no prior transaction history. It is worth noting that large cryptocurrency withdrawals are not uncommon, but the anonymity of the address in this particular instance has raised questions. The incident highlights the importance of security and transparency in the cryptocurrency industry.
