RATE Group | Crypto’s Too Expensive? Binance Sent $600 Million in Bitcoin for Just $7
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Crypto’s Too Expensive? Binance Sent $600 Million in Bitcoin for Just $7

18 Nov Crypto’s Too Expensive? Binance Sent $600 Million in Bitcoin for Just $7

Posted at 01:41h in Bitcoin News by

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Crypto exchange Binance has been moving bitcoin funds to cold storage the past couple of days, and, of course, such large transfers don’t go unnoticed.

Two transactions destined for Binance’s cold wallet come to the fore and demonstrate both the power and irony of the blockchain. A transaction in block 550211 was a transfer of just over $1 million. For this transaction, Binance paid just over $8 in fees. The “high” amount of the fee is probably a matter of convenience, as the transaction was not particularly large at just 1550 bytes.

The other transaction, first flagged by Antoine Le Calvez of CoinMetrics.io,  is more notable for its size — $600 million at the time it was sent, making it the largest unspent transaction output existing…

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