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The CEO of on-chain insight platform CryptoQuant says despite current rumors surrounding Binance, the exchange’s stablecoin reserves are still significantly different from those of FTX before the collapse. It looks like.
Ki Young-joo is responding to Reuters Talk Binance and its CEO Changpeng Zhao are under federal investigation for suspected money laundering violations.
The news appears to have had a ripple effect on the exchange’s crypto reserves. Zhao confirmed that the exchange made net withdrawals of about $1.14 billion on Tuesday, although he maintained It was business as usual for Binance.
Things seem to be stabilizing. Yesterday was not the highest amount of withdrawals processed, not even in the top 5. I processed more when LUNA or FTX crashed. I have.
Ki Young Joo To tell Binances stablecoin reserve looks radically different from what FTX did in November.
FTX reserves didn’t look organic due to a lot of inflows/outflows related to non-FTX wallets and reserves were already down by -93% days before the bank run.
Yeonju To tell Bitcoin (BTC) and Ethereum (ETH) reserves on Binance also look healthy.
People are asking me if Binance is okay. Their BTC reserves fell -8% in the last two days, but increased +24% during the FTX Bank run last month. We may need to clarify, but so far we haven’t seen any suspicious on-chain activity.”
Crypto Analysis Company Santiment Note Binance rumors dominating conversations on social media.
24% of all crypto platform conversations revolve around swirling FUD. [fear, uncertainty, and doubt] Binance Rumors. AP ArchPublic reports that management is allegedly on “bail” and fears of money laundering. Read our take on how the crowd is reacting.
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