March 29, 2024

Coinglass: Binance Loses $500M Daily in Bitcoin

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Coinglass: Binance Loses $500M Daily in Bitcoin

According to analyticalplatform Coinglass, on Tuesday, December 13, the balance of bitcoins on the world's largest crypto exchange Binance decreased to 30,000 BTC ($515 million). Over the past week, 40,150 BTC were withdrawn from the site.

The first mass operations to withdraw bitcoins fromplatforms were noticed as soon as information appeared that the US Department of Justice was investigating money laundering through Binance. Then users reacted very negatively to the information that Tron founder Justin Sun withdrew and returned $100 million in cryptocurrency to the platform. Exchange clients began to withdraw bitcoins even more actively.

Binance CEO Changpeng Zhao was outraged, calling the negative news manipulation to create investor fear (FUD):

“FUD helps us grow even though it is very annoying. It helps unite supporters because it forms a defense alliance.”

Today, December 13th, Binance suspendedwithdrawal of USDC stablecoins. The management of the exchange advised clients to use other stablecoins or wait until the New York banks through which the crypto exchange converts cryptocurrency open.