CZ Corrects Rumors Of Binance Buying 100,000 BTC

On June 18, while Bitcoin was still fighting to regain the $20,000 price zone, some rumors arose that Binance had bought back over 100,000 BTC when Binance’s wallet address increased the amount of BTC to 101,226 BTC. CZ spoke up and explained immediately to avoid misunderstanding.

An article pointed to the increase in BTC volume of Binance wallet last Saturday and suggested that Binance is bottoming. However, the CEO of Binance confirmed that this is the wrong article:

CZ explained that when Binance’s cold wallet address increases, it means more users are depositing money into Binance, not the exchange buying BTC. He also emphasized that the author of the article did not have a clear understanding of how cold wallets work.

It wasn’t long before rumors of the world’s largest exchange buying BTC spread and there were many falsely written articles on the matter that made CZ tired.

On Monday morning Asia time, the Bitcoin price recovered above $20,000 after falling to as low as $17,700 on Sunday, according to data from CoinCu. At the time of writing, the $20,000 price zone is still having a fierce dispute between the bulls and the bears.

Withdrawals on the Binance Bitcoin network were paused last week as Zhao said a stuck transaction caused a backlog, but the exchange resolved the issue within a few hours.

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Harold

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