New data shows that $140 million worth of funds have been withdrawn from Binance wallets in the past 24 hours. Despite this, CZ, who remains calm, may have billions of dollars in hidden reserves…
Binance lost millions on these 5 coins in the last 24 hours
The latest Glassnode data shows that Binance has dumped $137 million worth of Bitcoin in the last 24 hours. Meanwhile, the outflow of funds from the stock market with Bitcoin was especially on 5 coins:
- Ethereum (ETH) worth about $32 million
- $300 million worth of USD Coins (USDC)
- $200 million in both Binance USD (BUSD) and Tether (USDT)
- Total withdrawal amount exceeds $860 million
Great transfers
On December 13, TRON CEO Justin Sun said that Binance has invested $100 million in the exchange to help with the liquidity crisis. Sun withdrew $34 million worth of BUSD and $15.4 million worth of USDT from Binance on December 13. He reportedly transferred these funds to Paxos and Circle to cash out. Nu says the transactions are “just normal business cooperation.”
Meanwhile, crypto researcher Wu Blockchain reported that Wintermute has withdrawn $153 million worth of USDC from Coinbase, of which about $150 million has been transferred to Binance. All these heavy transfers cause intense FUD feelings about Binance. cryptocoin.com We have presented the latest developments in this article. New sources say that the leading exchange has more than enough funds to cover withdrawals.
Binance has billions of dollars in hidden reserves
Citing people familiar with the matter, including former employees of Binance, an anonymous source said that Binance’s publicly disclosed reserves may be just a fraction of all the assets it holds and that the exchange has “more money than it exports.” Sources say that “Binance is safe” as CEO CZ revealed “perhaps only half or part of what he really has”:
In the early days of Binance, most of the funds went directly to CZ, which means there were reserves behind the reserves.
The anonymous source also addressed speculation about Binance’s lack of transparency. “If there is no money behind CZ, you should be more worried,” he said on the matter. That said, Binance has more investors than FTX. The leading exchange raised funds from a number of high-profile companies during the ICO period. These early investors received BNB tokens and “exited a while ago”. So unlike SBF in FTX, CZ is not under the pressure of these investments.
The public wallets for Binance and CZ are likely only those the exchange has chosen to disclose. Also, some early investors in Binance “inherited equity from CZ’s previous ventures”. According to the source, “The big difference between Binance and FTX is how the money is stored. The source also says that CZ likely owns crypto wallets that have not been made public. Therefore, he adds, the fear of an inappropriate audit is unfounded.
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