Crypto exchange Binance faced the largest stablecoin (BUSD+USDT+USDC) outflows in 24 hours, amounting to $2.159 billion.
Despite the recent wipeout, Nansen estimates that Binance still holds $30 billion worth of stablecoins, whereas the value of the total assets sits at $58.79 billion. The BUSD amount represents 26.38%, and the USDT amount represents 21.17% of the total assets.
In addition to stablecoins, Binance saw over $2B in net outflows since Dec. 12 in Ethereum-based token withdrawals. The world’s largest exchange also saw the highest Bitcoin withdrawals: 39,637 BTC were wiped out on one day alone from Binance. In the last 24 hours, Binance has seen a net outflow of 1.9 billion dollars, about half of what was seen a week ago.
A high outflow of assets could demonstrate a lack of trust among users for the centralized exchange due to the ongoing FUD surrounding Binance.
Even so, the Binance CEO, Changpeng Zhao remains undeterred, saying the Exchange has experienced high withdrawals in the past.
However, according to a CryptoSlate source, “Binance is safe” since the exchange only reported a fraction of its assets. The source suggests “greater transparency” from Binance while suggesting that the exchange is likely much better off than it seems.
Journalist at CryptoSlate
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
Read Our Latest Market Report
Connect your wallet, trade with Orion Swap Widget.
Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.
Get an Edge on the Crypto Market 👇
Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.
On-chain analysis
Price snapshots
More context
Join now for $19/month Explore all benefits
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
