Arbitrum Address Deposits $125M Worth of ETH to Binance; Cross-Chain Transfer Suspected

IconCryptoNewsTerminal Staff30 Aug, 2024

cryptonews.jpg

Arbitrum Address Deposits $125M Worth of ETH to Binance; Cross-Chain Transfer Suspected

Arbitrum, a layer-2 scaling solution for Ethereum, has transferred a substantial amount of ETH to a suspected Binance deposit address. Over the past six hours, an address labeled Arbitrum has transferred a total of 50,000 ETH, worth approximately $125 million, to the address (0xE69...Abb). According to blockchain analytics firm Arkham Intelligence, this transaction is likely part of a cross-chain transfer from Arbitrum to Ethereum. Crypto on-chain analyst EmberCN explained that the receiving address is "an address commonly used by Binance for cross-chain and has been frequently used for cross-chain for assets like MATIC, ETH, USDC, STG, etc." The transfer of such a large amount of ETH from Arbitrum to Binance has raised speculations about the reasons behind this movement. Some analysts believe that it could be related to trading activities or the withdrawal of funds from Arbitrum to Ethereum for various purposes. Overall, this major transfer of ETH from Arbitrum to Binance highlights the increasing use of cross-chain bridges and the growing adoption of layer-2 solutions like Arbitrum.

Related News