Move Your Funds ImmediatelySerious $2.2 Billion Crypto Warning Issued After Bitcoin and Ethereum Rival’s Sudden Price Drop

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BitcoinBTC, Ethereum and other major cryptocurrencies have cratered this year (although leaks have revealed that a $65 billion earthquake could be approaching quickly).

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The price of bitcoin has crashed around 70% from a year ago, driving down the price of ethereum and prompting the chief executive of crypto exchange Coinbase to issue a stark warning.

Now the price of bitcoin and rival ethereum BNBBNB, a cryptocurrency developed by exchange Binance, has fallen sharply following reports that the exchange saw $1.9 billion in net outflows. on Monday and temporarily halted withdrawals from the USDC stablecoin.

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Binance CEO Changpeng “CZ” Zhao took to Twitter in an attempt to reassure users about withdrawal issues at… [+] the exchange was only temporary, although the price of bitcoin and ethereum rival BNB fell sharply.

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“Withdraw your funds from Binance immediately,” tweeted bitcoin investor Mike Alfred, an outspoken critic of non-bitcoin cryptocurrencies and centralized exchanges, adding “this is no test or joke.”

The price of Binance’s BNB, a cryptocurrency designed to facilitate trading on the platform and power a rival blockchain to Ethereum, has fallen 5% in the past 24 hours, falling as the price of bitcoin and l ‘Ethereum are climbing.

Binance saw net outflows of $1.9 billion from ethereum and ethereum-based cryptocurrencies in the past 24 hours, with outflows over the past week nearing $2.2 billion. dollars, according to blockchain analytics firm Nanse.

Some $2.5 billion worth of ethereum was reportedly withdrawn from the FTX exchange which collapsed in early November as it battled what it called “false rumours”, putting traders on high alert for d Other Crypto Company Collapses.

However, comparisons with FTX might be overstated, according to Nansen.

“Binance has much larger on-chain reserves than FTX,” Edmund Kua, research analyst at Nansen, said in an emailed comment. “We should see tens of billions of dollars in withdrawals before they start draining their on-chain reserves. We can only see what’s happening on-chain. We have no idea the inner workings of Binances.”

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The price of BNB has fallen over the past week, struggling as rumors swirl around the Binance exchange… [+] following a massive drop in bitcoin and ethereum prices this year.

Forbes Digital Assets

Binance suffered another dip in confidence after its ‘proof of reserve report’ failed to resolve questions about the state of its finances and it was reported by Reuters that the company may be on the verge of… to be charged by US Justice Department prosecutors for possible money laundering and criminal penalty violations.

“From what we see, Binance has around $60 billion in on-chain assets based on the proof of reserves page; if we take a look at FTX, they had around $4-5 billion dollars of assets held on-chain before they exploded,” Kua added.

Binance also spooked traders when it said it was “temporarily” suspending withdrawals from the USDC stablecoin while it transferred certain cryptocurrencies between internal accounts.

“On USDC, we have seen an increase in withdrawals,” Binance CEO Changpeng “CZ” Zhao said on Twitter. “However, the channel to switch from PAX/BUSD to USDC requires going through a bank in New York in US dollars. Banks are not open for a few hours. We expect the situation to be restored when the banks open” .

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