BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Millions in BUSD Redeemed as Binance FUD Ramps Up

by Darius Ngetich
Dec 13, 2022 - 12:00 am
in Blockchain
Millions in BUSD Redeemed as Binance FUD Ramps Up

According to recent statistics, Binance had $902 million in net outflows during the last 24 hours, with BUSD making the major part of it. Concerns over Binance’s proof of reserve report caused a rush of withdrawals on Monday, making it the largest cryptocurrency exchange in the world by trading volume.

According to these statistics, net outflows, or the difference between the value of assets entering and leaving the exchange, reached $902 million in the previous day. In the past 24 hours, Binance has outperformed all other centralized exchanges in net outflow, and its outflow is over nine times more than the next-largest exchange’s.

Given that there are supposed $64 billion in assets on Binance, the outflow “doesn’t appear significantly unusual,” Henry Fisher, an Arkham analyst, commented in a Telegram conversation.

Withdrawals increased due to many alarming news stories about Binance and as investors grew warier of putting their money on a controlled exchange. Other exchanges are under pressure to demonstrate that they are protecting consumers’ funds in light of the quick collapse of rival exchange FTX and other industrial disasters.

Huge withdrawals experienced in the past 24 hours

Large crypto market makers Jump Trading and Wintermute were among those transferring significant amounts of money from Binance in the last seven days, according to recent blockchain data.

Jump’s net withdrawals consist of $102 million in ether, $14 million in USDT from Tether, and 10 million in Binance USD (BUSD), the exchange’s stablecoin created by Paxos (ETH).  Blockchain data revealed just recently that Jump redeemed almost $30 million worth of Binance USD (BUSD) from Paxos a few hours ago.

Another big cryptocurrency market maker, Wintermute, withdrew $8.5 million in wrapped bitcoin (wBTC) and $5.5 million in USDC stablecoin from Circle. These withdrawals have certainly caused a huge increase in FUD surrounding the integrity of the exchanges.

According to a tweet from Nansen analyst Andrew Thurman, Jump Trading is reportedly the biggest withdrawer from Binance. According to Nansen statistics, during the last seven days, net withdrawals from the exchange by crypto wallets connected to Jump totaled $146 million in digital assets.

The Binance integrity question

According to a study from the auditing company Mazars last week, Binance’s bitcoin (BTC) holdings are overcollateralized. On Monday, Reuters reported that U.S. authorities are considering criminal charges for potential money laundering against Binance and its officials, including Zhao. Industry analysts and previous publications criticized the paper for its limited scope.

Tags: BinanceBUSDFUD
Darius Ngetich

Darius Ngetich

Darius Ngetich is a blockchain, crypto, and gaming enthusiast. He is also an animator, VFX Artist, and Game Developer, specializing in computers with vast experience in programs like Blender, Unity, and Unreal Engine. My passions are creating games and informing others about the latest developments in crypto, blockchain, and gaming.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service