Meta Financial AI's recent analysis indicates that Binance was not responsible for the recent market sell-off, countering rumors that CZ, Binance's largest BNB holder, was offloading his holdings. The analysis, shared on the X platform, highlights that Binance's cold wallets showed no significant 'selling high and buying low' activity during the downturn. In contrast, Coinbase allegedly redirected unexecuted trades to other exchanges via market makers, with 1,066 Bitcoins moved from its cold to hot wallet before the crash.
The report also notes that Binance's infrastructure faced one of the largest sell-offs in history, yet its major asset wallets remained inactive. Analysis of transactions over 500 BTC in a 24-hour period showed Binance had minimal sales compared to others. He Yi, a Binance executive, acknowledged the findings, stating, "I've learned something."
Analysis Clears Binance of Major Sell-Off, Points to Coinbase Activity
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