03.08.2025 04:11

Binance, a leading cryptocurrency exchange, transferred significant cryptocurrency holdings to Wintermute, a prominent market maker, sparking transparency concerns. Specifically, over 110,000 Solana (SOL) tokens were sent over an 18-hour period and 8,000 Ethereum (ETH) tokens were transferred within just four hours, between August 1st and 2nd, 2025. These large-scale transfers, evident in blockchain records, were not apparently linked to customer withdrawals, raising significant questions about their origin.

The timing and sheer volume of these transactions have fueled speculation, particularly as the funds moved directly from Binance to Wintermute without any discernible user interaction. This direct transfer, clearly documented on the blockchain, contrasts sharply with the typical flow of customer withdrawals. Neither Binance nor Wintermute has yet offered a public explanation for these transactions.

Adding to the intrigue, Binance's July Proof-of-Reserves (PoR) report indicated that both ETH and SOL held by the exchange were fully backed, meaning customer holdings were completely covered by reserves. The exchange claimed a 100% reserve ratio for Ethereum, possessing 5.05 million ETH against matching customer liabilities, with an additional 251,967 ETH held in third-party custody. This full backing, however, does not clarify the source of the funds transferred to Wintermute, leaving the origin of these assets subject to intense public scrutiny.

The lack of official comment from either Binance or Wintermute regarding the nature of these transactions – whether they represent internal liquidity management, off-exchange settlements, or other activities – further exacerbates the concerns surrounding transparency and accountability. The situation underscores the ongoing debate about the need for greater transparency within the cryptocurrency exchange industry. The information is based on reports from internet sources.