https://ripue.com/binance-has-lost-12-billion-in-assets-in-under-60-days/

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Binance has lost $12 billion in assets in under 60 days

Ripue Staff

Ripue Staff

Jan 9, 2023 1 min
Binance has lost $12 billion in assets in under 60 days Photo by
Kanchanara / Unsplash

Binance, the largest cryptocurrency exchange, has been struggling to
keep assets.

Investors have been moving their crypto out of the exchange in recent
weeks, and outflows are increasing, despite CEO Changpeng Zhao's
assurance that the situation has normalised.

On Friday, customers withdrew a net $360 million, according to data
from Defillama. A separate crypto data firm, Nansen, reported that
Binance lost $3 billion of assets over the previous week,
representing 4% of its total at the time.

An investigation by Forbes revealed that Binance actually lost up to
15% of its assets since Zhao's Twitter post on the same day, in which
he downplayed Nansen's report.

    Things seem to have stabilized. Yesterday was not the highest
    withdrawals we processed, not even top 5. We processed more
    during LUNA or FTX crashes. Now deposits are coming back in.
    [?] https://t.co/WLK2KyCym0

    -- CZ  Binance (@cz_binance) December 14, 2022

In less than two months, nearly a quarter of Binance's assets have
left the exchange.

The lack of investor trust can be seen in the performance of Binance
Coin (BNB) and Binance USD (BUSD), the two tokens associated with the
exchange.

BNB has lost 29% of its value in the past two months, and Forbes
estimates that there are now about 29 million of these tokens at
Binance, 51% less than disclosed by the exchange on November 10.

The number of BUSD stablecoins at the firm has also decreased by 40%.
There are also other ways in which Binance seems to be losing trust
and influence, such as the 40-50% reduction in assets at the exchange
by investors in well-known tokens like matic, ape, and gala.

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