Binance Bleeding Assets, More Than $12 Billion Gone In 60 Days!
According to a recent report by Forbes, the number one crypto exchange, Binance, saw massive amounts of investors pulling out their crypto from the platform following the collapse of FTX, causing a concerning amount of withdrawals.
$12 billion Lost Assets
The report claims that within the past two months, Binance lost a whopping 15% of its assets, or around $12 billion in total. A far worse number than what CEO Changpeng Zhao indicated last month.
Forbes also says in their report that out of the 23 other crypto exchanges analysed, only one other exchange saw larger losses than Binance themselves, MaskEX.
BREAKING: New analysis shows #Binance is bleeding assets at a dangerous rate, with over $12 billion vanishing in less than 60 days, much worse than CEO CZ indicated last month. pic.twitter.com/yDitUVbr0U
— CryptoVinco (@CryptoVinco) January 9, 2023
Binance Losing Credibility
Earlier on December 13th 2022, independent crypto data business Nansen reported that Binance had lost over $3 billion in assets the previous week, accounting for 4% of the company’s total assets at the time. In response to this revelation, Binance CEO Changpeng Zhao (CZ) downplayed the news, assuring the public that the situation had stabilized.
However, that very same day, Binance had reportedly lost almost 15% of its assets after CZ denied and downplayed the rumors.
Since then, Binance has seemingly been increasingly losing its credibility among investors, with the Forbes report claiming that Binance’s token BNB was seen to have lost up to 29% of its value within these past two months. Investors’ holdings of other popular crypto tokens like $MATIC, $APE, and $GALA have also dwindled by 40% to 50%.
With what seems to be a lack of transparency in the exchange, as well as the large amount of lost assets within the past 60 days, many investors have become worried that if withdrawals from Binance continue to rise, then this could have massive effects on the crypto market as a whole.