Binance After $ 1.8 billion in assets quickly left the stock market, Justin Sun invested a large amount of money in the stock market.
Justin Sun, the founder of TRON, has been trying to calm the fear that has been spreading about Binance recently. According to the reports, Sun deposited $ 100 million on the Binance exchange and shared the transaction with everyone.
As we reported as Koinfinans.com, the fact that the amount coming out of Binance stock market reached 1.8 billion dollars in a short time triggered fear. The native token of the exchange Binance Coin The price also lost 8% of its value. Fear in the market has also affected DeFi protocols based on Binance Smart Chain.
How Was Fear Triggered by Binance Exchange?
In a previous transaction, Justin Sun’s $50 million withdrawal from Binance triggered fear. Wu Blockchain has the following comment on the subject: made.
“To Lookonchain, Justin Sun (0x9f84) 9 hours ago, withdraw 34 million BUSD and 15.4 million USDT from Binance. These assets were moved to Paxos and Circle. Justin Sun replied that the final allocation of funds was just a normal collaboration.”
Users who questioned Binance’s reserves preferred to withdraw their assets from the stock market. Net outflow surpassed $902 million on Monday, well above other exchanges. A similar recent breakout took place in November, when the FTX stock market crashed.
Analyst Henry Fisher believes the withdrawals are not a threat to Binance. As a result, he underlined that the exchange still has $64 billion in assets.
Crypto analytics firm Nansen has detected that funds leaving the exchange have been transferred to Paxos and Huobi. While 162 million dollars were transferred to these two platforms, 124 million dollars were entered into Coinbase.
According to recent reports, Binance has announced that it is suspending USDC withdrawals. Exchange, USDC and BUSD continues its exchange. Changpeng ZhaoAccording to , the reason for the withdrawal of USDC is the expected approval from a New York-based bank.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.