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News

Binance’s BETH Witnesses Burn Of Over $500 Million Amid Community Suspicions

September 27, 2023 - Around 2 mins mins to read

Key Points:

  • Coinbase director reveals Binance’s $524 million BETH burn.
  • Binance’s $1.2 billion inflow raises questions in crypto circles.
  • The exchange announces the BETH to WBETH conversion, impacting trading pairs and subscriptions.
In recent developments in the world of cryptocurrency, Conor Grogan, a director at Coinbase, made a notable statement on the X platform, shedding light on Binance’s BETH significant transactions.
Binance's BETH Witnesses Burn Of Over $500 Million Amid Community Suspicions
Binance's BETH Witnesses Burn Of Over $500 Million Amid Community Suspicions 2

Binance’s BETH Was Burned For $524 Million

According to Grogan, Binance has burned $524 million BETH after his tweet, raising eyebrows among crypto enthusiasts.

This revelation comes on the heels of a report by CoinDesk revealing that Binance witnessed a sudden surge of $500 million in inflows into its liquid staking Ether, pushing its total locked value (TVL) to a staggering $1.2 billion over the weekend.

This massive influx followed another impressive $573 million in inflows earlier this month, sparking discussions within the crypto community about the unconventional nature of these movements.

In contrast to rival exchange Coinbase, which saw regular inflows and outflows for its liquid staking derivative, cbETH, Binance’s inflows into WBETH have been sporadic and substantial.

Insights into Recent Cryptocurrency Developments

Binance clarified that these transactions were part of their previously announced plan to gradually convert their original Binance-issued staked Ether (Binance’s BETH) tokens to WBETH.

Furthermore, on August 31, Binance provided important updates regarding BETH and WBETH. Binance’s BETH will continue to be used for ETH staking rewards, while WBETH will serve various purposes, including transactions, collateral for Binance pledge borrowing, and participation in DeFi projects on non-Binance platforms.

However, Binance will delist and cease trading on specific Binance’s BETH trading pairs, including BETH/ETH, BETH/USDT, and BETH/BUSD, starting on October 11. Additionally, Binance’s current currency-earning products will no longer accept BETH subscriptions after October 10, with existing subscription assets being automatically redeemed to users’ spot wallets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

BETH

Binance

Coinbase

Conor Grogan

WETH

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance’s BETH Witnesses Burn Of Over $500 Million Amid Community Suspicions

Key Points:

  • Coinbase director reveals Binance’s $524 million BETH burn.
  • Binance’s $1.2 billion inflow raises questions in crypto circles.
  • The exchange announces the BETH to WBETH conversion, impacting trading pairs and subscriptions.
In recent developments in the world of cryptocurrency, Conor Grogan, a director at Coinbase, made a notable statement on the X platform, shedding light on Binance’s BETH significant transactions.
Binance's BETH Witnesses Burn Of Over $500 Million Amid Community Suspicions
Binance's BETH Witnesses Burn Of Over $500 Million Amid Community Suspicions 4

Binance’s BETH Was Burned For $524 Million

According to Grogan, Binance has burned $524 million BETH after his tweet, raising eyebrows among crypto enthusiasts.

This revelation comes on the heels of a report by CoinDesk revealing that Binance witnessed a sudden surge of $500 million in inflows into its liquid staking Ether, pushing its total locked value (TVL) to a staggering $1.2 billion over the weekend.

This massive influx followed another impressive $573 million in inflows earlier this month, sparking discussions within the crypto community about the unconventional nature of these movements.

In contrast to rival exchange Coinbase, which saw regular inflows and outflows for its liquid staking derivative, cbETH, Binance’s inflows into WBETH have been sporadic and substantial.

Insights into Recent Cryptocurrency Developments

Binance clarified that these transactions were part of their previously announced plan to gradually convert their original Binance-issued staked Ether (Binance’s BETH) tokens to WBETH.

Furthermore, on August 31, Binance provided important updates regarding BETH and WBETH. Binance’s BETH will continue to be used for ETH staking rewards, while WBETH will serve various purposes, including transactions, collateral for Binance pledge borrowing, and participation in DeFi projects on non-Binance platforms.

However, Binance will delist and cease trading on specific Binance’s BETH trading pairs, including BETH/ETH, BETH/USDT, and BETH/BUSD, starting on October 11. Additionally, Binance’s current currency-earning products will no longer accept BETH subscriptions after October 10, with existing subscription assets being automatically redeemed to users’ spot wallets.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.