Crypto trading platform Binance has just demonstrated its ability to withstand massive withdrawals over the past 24 hours. Now, with all eyes on CZ after the FTX fiasco, many were expecting the worst.
Passing the test with flying colors, Binance saw a net outflow of roughly $3.66 billion USD this week with $3 billion USD of that total taken out in the past 24 hours. This number was revealed via the massive seven days of $8.7 billion USD in outflows matched with $5.1 billion USD in inflows — showing just how massive Binance is as a crypto exchange.
It was also brought to light that Binance has $60 billion USD in digital assets in its publicly disclosed wallets. With some of the pressure off his shoulders, CZ took to Twitter to announce that this is nothing new and that “tests” keep the industry healthy.
Binance currently holds $60.4B in their publicly disclosed addresses
$15.5B $BUSD
$12.3B $USDT
$9B $BTC
$6.2B $BNB
$6.1B $ETH
And others pic.twitter.com/sgr6RTIRYx— Nansen ? (@nansen_ai) December 14, 2022
Binance Netflow 7D ($) -3,660,311,347
8,783,380,428 – Outflow
5,123,069,081 – InflowExchange Flows dashboard ⤵️https://t.co/CYrBQLryQ0 pic.twitter.com/vV6vcqoWKK
— Nansen ? (@nansen_ai) December 13, 2022
We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.
I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis. ?
— CZ ? Binance (@cz_binance) December 13, 2022
It costs some network fees to run these “tests”. But keeps the industry healthy.
Exchange business is simple. ?
— CZ ? Binance (@cz_binance) December 13, 2022
In other news, Justin Bieber, Steph Curry, Snoop Dogg, and more are named in a class action lawsuit over Bored Ape NFT endorsement.
wazup.