Binance transferred $3.9 billion USDT between its wallets, days before a report about a $4 billion settlement with the United States Justice Department was published.
Crypto community members on X (formerly Twitter) have turned their focus onto a $3.9 billion Tether (USDT) transaction between Binance wallets that surfaced on social media, following reports claiming that the United States Justice Department is negotiating a $4 billion settlement with the company.
On Nov. 20, a Bloomberg report citing anonymous sources said that the Justice Department is negotiating an agreement with crypto exchange Binance requiring the company to pay $4 billion in fines. Once paid, the firm will be allowed to operate in the U.S. while complying with its laws. The report said this could be announced as soon as the end of November.
On Nov. 9, Binance transferred 3.9 billion USDT from its wallet called “Binance-Cold 2” on Tron to its wallet labeled “Binance 3.” After the transfer, 300 million USDT was transferred to another wallet, leaving around $3.6 billion in “Binance 3.” According to blockchain intelligence firm ChainArgos, this transaction is the 8th largest USDT transaction on the Tron blockchain.
2/ This was the 8th biggest all time $USDT transaction on Tron. pic.twitter.com/RWcbvg2g4D
— ChainArgos (@ChainArgos) November 13, 2023
Following the report on the negotiations between the exchange and the U.S. Justice Department, various accounts on social media started speculating about the $3.9 billion transfer.
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Some raised questions about the funds, inquiring about where the money came from and if it was a form of preparation to pay the fines. With the timing of the transfer and the Justice Department report being very close to each other, some Twitter users are trying to connect the dots and figure out if there are any connections between the two.
Cointelegraph reached out to Binance but did not get an immediate response.
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