Significant Decrease in SOL Balance on Backpack Exchange, Possible Transfer to Cold Wallet"

According to Tom Wan, Research Analyst at 21co:  there was a dramatic drop in the SOL balance on Backpack Exchange at 11:00 UTC on November 19. The exchange reportedly transferred 235,000 SOL to the following address: BbHG9GvPActFGogv3iNrpDAj4qpXr8t3jF16uGxXcKci

The possibility of this address being a cold storage wallet is mentioned, which could explain the substantial decrease in Backpack Exchange's SOL balance. The speculation is also supported by a comment from Armani Ferrante on X platform.