WSJ reports about mass withdrawals of cryptocurrency from Binance
The withdrawal may be related to the flow of FUD toward the exchange by the mainstream media
13.12.2022 - 13:45
374
2 min
0
The world’s largest cryptocurrency exchange by trading volume saw withdrawals jump at the start of the week.
Traders are on edge following a series of collapses this year that hit two cryptocurrencies, a major crypto hedge fund and most recently, the exchange FTX. Concerns over Binance have amplified following its recent release of a narrow “proof of reserve report” that left investors with questions about the state of its finances.
Net outflows, the difference between the value of assets arriving and leaving the exchange, totaled $1.6 billion over the prior 24 hours as of about 1:30 a.m. ET Tuesday, according to blockchain analytics firm Nansen. The snapshot measures withdrawals of the cryptocurrency ether and other tokens on the Ethereum blockchain.
Net outflows over the week prior stood at $1.9 billion. That was less than the $2.3 billion pulled in the week that followed FTX's implosion.
"People deposit and withdraw assets everyday for a variety of different reasons," said a Binance spokesman. The company operates in a way to "ensure that we always have more than enough funds to fulfill withdrawal requests," he said.
Changpeng Zhao, Binance’s chief executive, said on Twitter that the exchange has seen an increase in withdrawals of USDC, a so-called stablecoin whose value is pegged to the dollar. Mr. Zhao said Binance expects to process all of those transactions when its New York bank opens in a few hours.
There's a spike in withdrawals from Binance in the last 24H with -$1.6B* netflowIts 7-day netflow is now at -$1.9B, currently this is less than the -$2.3B weekly netflow Binance has processed in the wake of FTX collapse*ETH & ERC20 tokens only pic.twitter.com/pwbeQXtDxK— Nansen 🧭 (@nansen_ai) December" class="redactor-linkify-object">https://twitter.com/nansen_ai/status/1602552164882... 13, 2022
This material is taken from the website wsj.com.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$90 220
BTC
-0.57%
-
Ethereum
$3 106.88
ETH
-1.11%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.08
XRP
-2.43%
-
Dogecoin
$0.366245
DOGE
-0.19%
-
Cardano
$0.714548
ADA
-4.32%
-
Bitcoin Cash
$441.45
BCH
-7.47%
-
Polkadot
$5.63
DOT
-5.71%
-
Litecoin
$88.23
LTC
-5.91%
-
Stellar XLM
$0.205844
XLM
-2.74%