Newly Created Address Withdraws $5 Million in LINK from Binance

Newly Created Address Withdraws $5 Million in LINK from Binance

Two linked wallets withdrew over $46 million in LINK from Binance within nine days, underscoring continued large-scale asset migration from centralized exchanges to private holdings.

LINK

Fact Check
The assessment is based on strong, consistent evidence from multiple relevant sources. Two crypto-focused news publications directly report on the event. The first source explicitly states that a new wallet withdrew 280,907 LINK tokens, valued at $5 million, from the Binance exchange, perfectly matching the claim. A second source corroborates this by reporting on fresh wallets withdrawing LINK from Binance, citing a specific transaction of approximately $4 million. This minor discrepancy in value is likely attributable to token price fluctuations and does not detract from the core claim. Furthermore, a third source reinforces the plausibility of the event by describing a broader trend of 'multiple fresh wallets withdrawing large amounts of $LINK from #Binance.'There is no direct conflicting evidence. While some sources mention large LINK deposits to Binance, these actions are the opposite of the claim but do not disprove it; it is common for different large holders ('whales') to move assets in opposite directions simultaneously. The majority of the provided sources, including highly authoritative ones from Binance and the U.S. Treasury, were irrelevant to the specific transaction in question. The convergence of direct and corroborating reports from relevant sources, without any direct refutation, makes the statement highly likely to be true.
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Summary

Two linked blockchain addresses moved a combined 2.617 million LINK worth $46.72 million from Binance over a nine-day period at an average price of $17.8. The latest transaction involved 998,000 LINK valued at $18.33 million, following an earlier 1.619 million LINK withdrawal worth $28.39 million. These movements fit a broader pattern of sustained large-scale asset transfers from Binance to private wallets observed since October 11.

Terms & Concepts
  • LINK: The native cryptocurrency of Chainlink, used to pay for services within its decentralized oracle network.
  • Onchain Analysis: The study of blockchain transaction data to track movements of funds and identify patterns in cryptocurrency activity.
  • Binance: A major global cryptocurrency exchange offering a wide range of digital asset trading services.