- Over 157,000 Bitcoin has been moved from exchanges.
- Of which, $1.35 billion was withdrawn from Binance.
- The aftermath of the fall of FTX continues to burrow through the crypto space.
The crypto market seems to be running on fumes at the moment. No doubt this has been a challenging year for crypto investors and Bitcoin (BTC) holders everywhere. At present, exchanges seem to be taking the brunt of the damage. In just a matter of days, a total of over 157,000 Bitcoin (BTC) has exited several exchanges.
To many, there is no cause for speculation as to why this happened. Clearly, the events of the last few days between FTX and Binance has led to many crypto holders losing their faith in crypto exchanges. In just a day, FTX lost everything. It fell from one of the most popular and recognizable crypto exchanges to filing for bankruptcy.
In detail, the FTX bankruptcy filing led to over 130 enterprises falling due to their affiliation with the FTX Group crash. Funds began flowing out of FTX faster than the news of its bankruptcy travelled. Amid the chaos, FTX lost many huge deals such as their deal with Miami Heat who terminated this contract and began to seek a new naming partner.
In the eyes of Changpeng ‘CZ’ Zhao, the CEO of Binance, FTX was playing a dangerous game and Binance decided to play referee. CZ took to Twitter directly and announced that they would delist FTX tokens on its platform. This in turn led to many withdrawing their funds which ultimately led to the crash of FTX.
In the long run, the move affected exchanges everywhere. Now what once was thought a secure space to hold and trade crypto seems to be easy to manipulate. It will be hard for users to trust exchanges again. Most FTX token holders lost a fortune with the fall of FTX. Thus, we see a massive outflow of crypto assets from exchanges.
Perhaps now most users will stick to cold crypto wallets instead. Meanwhile, CZ declares that he will not sit idle when he sees prevailing issues in the crypto space. He says before he was silent when it came to the work of competitors, but no longer. CZ believes in the future of crypto and its community.
Thus, despite the fact that Binance users withdrew over $1.35 billion from Binance over the last 6 days, CZ remains unfazed. According to his latest tweets, he stands by the inevitability of crypto despite the current turmoil and continues to encourage users to adopt crypto.
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