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Binance Wallets See Huge Spikes in Bitcoin Outflows, Suspends BTC Transactions

On May 7, there were three huge changes in Binance’s Bitcoin balance. According to data analytics platform CryptoQuant, they consisted of an outflow of 117,359 BTC, an inflow of 10,036 BTC, and an outflow of 40,184 BTC. The WhaleWire account said it was the largest single withdrawal in the exchange’s history, with a value of $4.6 billion. The company has been emailing users, notifying them that their ERC-20 addresses would be expiring on May 9. However, there has been no such notice for Bitcoin addresses as yet. BTC prices have pulled back 1.6% on the day in a fall to $28,448 at the time of writing.

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