What’s Happening on Binance? These Altcoins Have Disappeared! – Cryptokoin.com

Binance, the world’s largest cryptocurrency exchange, is having troubled days. A recent analysis shows that Binance has endured a dramatic $12 billion drop in assets over the past 60 days. Meanwhile, according to the analysis, some altcoins owned by investors in the stock market have decreased significantly.

Is Binance in the midst of chaos?

According to a recent analysis, crypto investors have started withdrawing their coins from Binance in recent weeks following the collapse of rival FTX. So the reassurance of the CEO of the exchange, Changpeng Zhao (CZ), that the crisis is under control, does not seem to have worked. Because, despite this, the rate of exits continues to increase. The analysis states that customers pulled in a net $360 million on Friday. Also, it seems that Binance is having a problem protecting its assets.

Meanwhile, cryptocoin.comAs you can follow, the poor performance of the local tokens of the stock market, Binance Coin (BNB) and Binance USD (BUSD), does not go unnoticed. This is considered as an indication that investors are skeptical. The value of BNB has dropped 29% in just over two months. BUSD, on the other hand, also suffered a drop in its market value. Thus, it lost its 6th place to Ripple (XRP).

Some altcoins owned by investors decreased!

Nansen, an independent crypto data firm, says that on December 13, the largest crypto exchange Binance lost $3 billion in assets compared to the previous week. This means that at that time the company lost 4% of its total. The exchange lost almost 15% of its holdings after CZ rejected the withdrawals mentioned in the Nansen article on Twitter that same day. In just two months, roughly a quarter of Binance assets have left the exchange.

Binance seems to be losing credibility and influence in less obvious ways as well. The total value of the stock market has decreased by 24% since November. In addition, popular altcoins such as Polygon (MATIC), ApeCoin (APE) and Gala Games (GALA) in the portfolios of investors’ exchanges also fell between 40% and 50%.

Binance’s questionable PoR

On January 4, CoinMarketCap displayed a BUSD balance of $9.58 billion, which is over $3.5 billion from $13.1 billion and $13.2 billion, respectively, as announced by Nansen and Defillama. He reported that the portfolio allocation was BNB with 31.86%, BUSD with 19.15%, USDT with 16.73%, BTC with 9.87% and ETH with 7.16%. The rest were shown in the “Other altcoins” category.


Deflation data shows that the decline in BUSD assets is consistent with notable declines (at least $1 billion) on November 25 and December 14. This is the day following CZ’s comforting tweet. During this second major BUSD drop, the net loss in just one day was staggering, reaching $3.46 billion. On January 4, USDT and USDC altcoins on the centralized exchange simultaneously doubled, totaling $6.27 billion.

According to the analysis, this disparity is indicative of trust issues with Binance. Also, given the importance of the exchange in the crypto market, it’s reasonable to worry that these suspicions might spread if they materialize. Still, there hasn’t been much media attention about Binance or the significant market turbulence. But if withdrawals continue to increase at their current rate, this could have disastrous effects on digital assets and market participants.

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