Kenne Michael 
Grogan reported that following his tweet, Binance burned BETH worth $524 million, attracting the attention of the cryptocurrency community.
Binance burned $524M BETH after my tweet https://t.co/Bt2eZ7VRDD https://t.co/vsUfpJty9n pic.twitter.com/59Fdvb5FS2
— Conor (@jconorgrogan) September 26, 2023
This announcement follows a recent report that revealed a sudden influx of $500 million in liquid staking Ether into Binance, boosting its total locked value (TVL) to an astounding $1.2 billion over the weekend.
This significant increase followed another extraordinary infusion of $573 million earlier this month, prompting discussions within the cryptocurrency community regarding the unorthodox nature of these capital movements.
In contrast to rival exchange Coinbase, which saw consistent inflows and outflows for its liquid staking derivative, cbETH, Binance’s inflows into WBETH have been sporadic and substantial.
Binance clarified that these transactions are consistent with their previously announced plan to gradually convert their Binance-issued staked Ether (Binance’s BETH) tokens into WBETH.
In addition, on August 31, Binance issued significant BETH and WBETH-related updates.
Binance’s BETH will continue to be used for ETH staking rewards.
In contrast, WBETH will be used for various purposes, such as facilitating transactions, serving as collateral for Binance pledge borrowing, and participating in DeFi initiatives on non-Binance platforms.
On October 11, however, Binance will delist and cease trading on specific BETH trading pairs, including BETH/ETH, BETH/USDT, and BETH/BUSD.
In addition, as of October 10, Binance’s current currency-earning products will no longer take BETH subscriptions; existing subscription assets will be automatically redeemed to users’ spot wallets.