Author: Arman Shirinyan
Translation: ChatGPT
Binance's latest move amidst the regulatory storm may not be the wisest decision.
Binance, as one of the world's leading cryptocurrency exchanges, has just burned an astonishing $524 million worth of BETH, a move that has left many shocked. If you're scratching your head wondering what's going on, you're not alone, as even industry experts are puzzled:
Over the weekend, Binance created over $500 million worth of BETH, a digital asset associated with the Ethereum Beacon chain, accounting for nearly 50% of the total BETH supply. However, there is no visible activity or "burn" on the blockchain to justify this massive minting.
Even more mysterious, there is no trace of this massive transaction in Binance's ETH2 deposit account. If you have doubts about the transfer of BETH, only eight transactions have been recorded in the past 12 hours, each corresponding to the same amount of WBETH. So, who has been using all this WBETH on the Ethereum Layer1? This is a million-dollar question, or rather a 524-million-dollar question.
Two days after this mysterious activity, Binance proceeded to burn the entire $524 million worth of BETH. Why? The answer is not simple. BETH and WBETH are complex financial instruments that even experienced market participants find difficult to fully understand.
Essentially, they are Ethereum tokens used to represent other assets, providing more liquidity and easier trading. But why Binance would mint and then immediately burn such a massive amount is still unknown.
One theory is that this may be a strategic move to manipulate the market or adjust liquidity. Another possibility is that Binance is testing new financial products or services. Whatever the reason, the scale of this operation has raised questions, which is not a good sign for Binance as it continues to be under regulatory scrutiny.
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