Binance’s BETH Witnesses Burn Of Over $500 Million Amid Community Suspicions

Binance’s BETH Was Burned For $524 Million

According to Grogan, Binance has burned $524 million BETH after his tweet, raising eyebrows among crypto enthusiasts.

Sheesh. Are you starting to get a sense of what the back end looks like over there at Binance? 😂

— Travis Kling (@Travis_Kling) September 26, 2023

This revelation comes on the heels of a report by CoinDesk revealing that Binance witnessed a sudden surge of $500 million in inflows into its liquid staking Ether, pushing its total locked value (TVL) to a staggering $1.2 billion over the weekend.

This massive influx followed another impressive $573 million in inflows earlier this month, sparking discussions within the crypto community about the unconventional nature of these movements.

In contrast to rival exchange Coinbase, which saw regular inflows and outflows for its liquid staking derivative, cbETH, Binance’s inflows into WBETH have been sporadic and substantial.

Insights into Recent Cryptocurrency Developments

Binance clarified that these transactions were part of their previously announced plan to gradually convert their original Binance-issued staked Ether (Binance’s BETH) tokens to WBETH.

Furthermore, on August 31, Binance provided important updates regarding BETH and WBETH. Binance’s BETH will continue to be used for ETH staking rewards, while WBETH will serve various purposes, including transactions, collateral for Binance pledge borrowing, and participation in DeFi projects on non-Binance platforms.

However, Binance will delist and cease trading on specific Binance’s BETH trading pairs, including BETH/ETH, BETH/USDT, and BETH/BUSD, starting on October 11. Additionally, Binance’s current currency-earning products will no longer accept BETH subscriptions after October 10, with existing subscription assets being automatically redeemed to users’ spot wallets.

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