BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
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 Kester Odero
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
Kester Odero

Kester Odero

Kester is focused on creating high-quality and highly optimized content. In line with this, he has specialized in emerging blockchain news technical analysis and price predictions. He has served at cryptopolitan cryptonews.net as a writer. He is dedicated to giving the best quality services and focused on delivering work during the required time.

Related Posts

Graph depicting the decrease in crypto ownership and increase in portfolio values in Canada, 2023.

Crypto Ownership Declines in Canada Amidst Rising Portfolio Values in 2023

November 30, 2023

Canadian crypto ownership dips in 2023, yet the average portfolio value surges, reflecting a complex landscape of digital...

Illustration of Poloniex's plan to resume services with TRX withdrawals, following a significant cybersecurity breach.

Poloniex Announces Phased Resumption of Services After $100M Hack

November 29, 2023

Poloniex to restart withdrawals with TRX from November 30, post $100M hack, aiming to rebuild trust with phased...

Senator Elizabeth Warren at a congressional hearing discussing the need for stricter regulations to protect seniors from cryptocurrency scams.

Aerodrome and Velodrome DeFi Platforms Targeted in Front-End Cyberattacks

November 29, 2023

Front-end cyberattacks on DeFi platforms Aerodrome and Velodrome result in estimated $40,000 loss, as users are urged to...

Graphic representation of the connections and illicit activities unraveled in ZachXBT’s latest revelation about scammer Yahya.

KyberSwap Hacker Proposes Negotiation Treaty Amidst Rising Hostilities

November 29, 2023

KyberSwap hacker plans to propose a fund return treaty on Nov. 30, warning that continued hostilities could delay...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 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.

News

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

Info

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

Company

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

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise