Binance recently moved approximately $3.9 billion in tether (USDT) from its ‘Binance-Cold 2’ wallet on Tron to its ‘Binance 3’ hot wallet. $300 million of these were then sent to ‘Binance-Hot 7,’ leaving approximately $3.6 billion in ‘Binance 3.’
ChainArgos, a blockchain analytics firm, noted that this is one of the largest tether transactions on Tron to ever occur.
Binance’s “proof-of-reserves” for November 1 claimed that Binance held $18.1 billion in USDT and that it owed its customers $15.3 billion. This is a significant increase from the end of last year when Binance claimed to hold $13.9 billion in USDT against the $13.5 billion it owed customers.
Coincidentally, Binance-owned CoinMarketCap shows that the market cap for USDT has increased by $3.6 billion over the last month, nearly the same amount as in ‘Binance 3.’
Binance’s stablecoin activities have drawn greater scrutiny after its failure to appropriately manage Binance-Peg BUSD. Binance additionally currently faces lawsuits from the Commodity Futures Trading Commission and Securities and Exchange Commission, and prosecutors are reportedly weighing criminal charges against Binance.