Huge Binance outflows - should we be concerned? - page 2.

poodle63

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Quote from: Pam beasely on December 17, 2022, 03:27:55 AM

Hey Binance is in real trouble now.

Binance native coin BNB has fallen by 11.5% in 24 hours and 19.5% in the past week. BNB Proof of reserve audit has failed, resulting in withdrawal on the exchange crossed over $3 billion creating a possible Binance FUD.

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BinanceCoin slumps hard as the Binance FUD intensifies with more platforms displaying their concerns over the reserves of the platform

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Is another exchange collapse on its way?

It's not yet on the way to be collapse. I meant the price was bumping again as statement that was coming from binance exchange site itself. The main problem is there are so many FUDs in the market to attack binance after FTX incident. Even some garbage press was using old news to repeat the same scenario again. I do believe if now binance is quite stable. I think that you shall not try to think impact from FUD will be stay for long term.
The impact from FUD will be gone as long as binance has proven what they have been saying on the statement. It seems like that whole of crypto market was going down agian.

tvplus006

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Quote from: Bananington on December 17, 2022, 01:30:38 AM

The outflows reached $2B because many people were victims of FTX saga...

No, this outflow is not a consequence of the FTX collapse, it is related to the Reuters message, which states that the US Department of Justice may charge the Binance crypto exchange and its executives with money laundering and sanctions violations. I think this Fud will dissipate soon.

tabas

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I am feeling that CZ will have a revenge but in another way and that's through making their service better and FUD proof. I guess that's what he is going to prove to anyone and with his competitors. There's the recent news that he'll acquire the Voyager assets and bidded for it.
But let's see where it goes as the market has been filled with so much FUD one after another. Literally, just before the FUD the collapse of FTX and so on. If someone's concerned with most withdrawals, you can do what the flock is doing.

Xal0lex

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For the most part, such news is FUD, which generates panic and rash actions. People withdraw their funds because of the development of various speculations, which are not even close to the truth. In the news for some reason they focus on blocking USDC, but for some reason they do not specify that the blocking was in several networks, and other networks worked fine and there USDC could be withdrawn.

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Quote from: vv181 on December 18, 2022, 08:19:21 AM

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Huge Binance outflows - should we be concerned?

Reminder: do not keep your money in online accounts

I don't keep any funds on Binance, why should I be concerned? To be affected by the whole contagion if in case it has a similar fate as FTX? Well, I don't concern about it.

The market might be having a shock, but the point is I'm in control of my own assets without any assistance or dependence on any intermediaries and any third party. It is essential as the reminder suggest, to have as much coin in the environment we fully control. The market downturn might be temporary, but it will strengthen the resilience of the cryptocurrency market and as a lesson for anyone who deals with cryptocurrency to utilize its full potency, as an example, the importance of self-custody.

This is what everyone should be doing, it is hard to believe that it is taking such a massive crisis for people to realize that letting anyone other than yourself to hold your coins is a bad idea and yet that is precisely the scenario that is playing out, and while it seems unlikely that binance could collapse in the same way the FTX exchange collapsed, if it were to happen I will be mostly unaffected by it, as I do not hold any amount of money in any centralized exchange and I do not hold their centralized coin either, at worst the price of bitcoin could go down but this instead benefits me as I would be able to buy bitcoin for an even lower price.

Raflesia

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Basically, saving coins on an exchange is indeed something that is not quite right in this case, so when something like this happens, many people will really be interested, even though they actually think more from the start.
I think even exchanges can still store coins there but in other cases it is better to store them in a wallet like a trust wallet for altcoins because in this case it is of course safer.
FTX should set an example but there seems to be a lot of naive people still holding their assets on exchanges.

CryptoYar

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Quote from: ChillyMatthew on December 16, 2022, 09:25:03 AM

Huge Binance outflows - should we be concerned?

IMO, binance will not collapse like ftx. However, Still we should not hold our funds there. Keep your funds in a personal wallet.

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They were tagged as the cause of FTX collapse when Kevin Oleary pointed fingers at Binance being the reason why FTX lost a lot of funding and eventually lead to bankruptcy.

Thats actully true. CZ was behind the FTX exchange's bank run his tweets created panic.

zasad@

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You can store coins on the exchange only if you trade every day. If you only buy coins, then send a small part of the stablecoins to the exchange and withdraw the purchased coins to your cold or hardware wallet. Right now is a bad market for short-term trading.

vv181

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Quote

Huge Binance outflows - should we be concerned?

Reminder: do not keep your money in online accounts

I don't keep any funds on Binance, why should I be concerned? To be affected by the whole contagion if in case it has a similar fate as FTX? Well, I don't concern about it.

The market might be having a shock, but the point is I'm in control of my own assets without any assistance or dependence on any intermediaries and any third party. It is essential as the reminder suggest, to have as much coin in the environment we fully control. The market downturn might be temporary, but it will strengthen the resilience of the cryptocurrency market and as a lesson for anyone who deals with cryptocurrency to utilize its full potency, as an example, the importance of self-custody.

cryptomaniac_xxx

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Quote from: serjent05 on December 17, 2022, 06:57:04 PM

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What is all the fuss surrounding Binance?

They were tagged as the cause of FTX collapse when Kevin Oleary pointed fingers at Binance being the reason why FTX lost a lot of funding and eventually lead to bankruptcy. So the authority is all eyes on Binance treasury now Grin

.

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Do you believe the recent difficulties could cause another crypto market downturn?

source:

https://app.getresponse.com/view.html?x=a62b&m=BVKQj2&mc=9I&s=BtgXWnG&u=QcLhh&z=EGCLwcu&

It can possibly cause another crypto market downturn if Binance is unable to solve this issue. But I believe CZ will find a way to solve the problem. Even though I don't like CZ but I admit he is cunning and smart. He will be able to solve the problem even before we know it.

Not sure why Binance has to be blame of the FTX collapse, if there is one person it should be SBF and now he is in jail. And if I'm not wrong, SBF try to reach out to CZ to help him but CZ bail out in the last minute because the damage has been done already and it will cost billions of money from CZ to salvage or take over FTX.

As for the outflows, it's not only Binance that could have seen billions of dollars going out in the last month or so.

For sure even top exchange has reported it but there is no FUD surrounding the outflows, just Binance. So obviously they have targeted CZ.

serjent05

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Quote

What is all the fuss surrounding Binance?

They were tagged as the cause of FTX collapse when Kevin Oleary pointed fingers at Binance being the reason why FTX lost a lot of funding and eventually lead to bankruptcy. So the authority is all eyes on Binance treasury now Grin

.

Quote

Do you believe the recent difficulties could cause another crypto market downturn?

source:

https://app.getresponse.com/view.html?x=a62b&m=BVKQj2&mc=9I&s=BtgXWnG&u=QcLhh&z=EGCLwcu&

It can possibly cause another crypto market downturn if Binance is unable to solve this issue. But I believe CZ will find a way to solve the problem. Even though I don't like CZ but I admit he is cunning and smart. He will be able to solve the problem even before we know it.

eaLiTy

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Quote from: ChillyMatthew on December 16, 2022, 09:25:03 AM

~
So, Binance recently halted USDC withdrawals because outflows reached $2B, which indicates to me that many investors are worried about their state, even tho they resumed withdrawals shortly after that.

Now this is surprising, after FTX, many are speculating what Binance would be doing in a situation where majority of the users started to withdraw their funds and all the media were focusing on how Binance runs their business and even Kevin O'Leary who is a paid spokesperson for FTX testified before congress that Binance was the reason for FTX bankruptcy and now they have halted withdrawal which is really worrying as you never know what is going on behind the scenes. I would move all my coins from the exchange when you hear news like these.

Flexystar

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That’s just ridiculous assumptions. I mean could be binance business, they might be moving funds for security reasons or there could be conversions, swaps, internet rate payments and what not. It could be combined income of all the assets. Or it might be that Binance is tightening the security of their funds because of the recent events that moved the market to extreme levels. I think we should be hoping for the positive side only. After all the mess that has occurred due to FTX, we should keep the tracks on!

zasad@

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https://paxos.com/wp-content/uploads/2022/12/BUSD-Monthly-Stablecoin-Reporting-November-2022.pdf
All the money of the Binance exchange is invested in the U.S. Treasury Bills.
Maybe I'm a stupid investor, but have the exchange leaders heard anything about diversification?
Practice has shown that with the help of sanctions it is possible to freeze any investment, and then the Binance exchange has big problems.

albon

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Everyone who holds their crypto in the Binance platform should be concerned because the bankruptcy and collapse of the FTX platform is not the last, so we can expect anything, so we have to take precautions and not hold our wealth except in a cold wallet and stay away from exchange platforms, although what happened to Binance differs about FTX only what Binance witnessed is a huge number of withdrawals within a week, which is the largest number of June, in addition to that there are many prominent figures in the crypto arena who spoke against Binance that Binance does not have enough Bitcoin to cover customers deposits, also, some parties are considering filing criminal charges against Binance and its owners for failing to comply with anti-money laundering penalties, so I do not know what fate hides for Binance after this violent attack against this top platform, but we must take precautions.

o48o

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I am not worried but in case you are it doesn't cost anything for you (except the withdrawal fees) to get your money out. Just be aware that when you hold your private key in the piece of paper that you can't lost in any circumstances. Or if you keep your money in hot wallet, when you are more exposed to phishing and scammers. My advice is, if you withdraw, don't tell anyone how much you withdrawed. Because it might not be much now, it can be 100x later and people who find their marks know this.

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Quote from: janggernaut on December 17, 2022, 03:52:21 AM

Quote from: Pam beasely on December 17, 2022, 03:27:55 AM

Hey Binance is in real trouble now.

Binance native coin BNB has fallen by 11.5% in 24 hours and 19.5% in the past week. BNB Proof of reserve audit has failed, resulting in withdrawal on the exchange crossed over $3 billion creating a possible Binance FUD.

Quote

BinanceCoin slumps hard as the Binance FUD intensifies with more platforms displaying their concerns over the reserves of the platform

You can be updated with all the current crypto news by just following Coinpedia and Coingape Sites. They are one stop destination for all crypto news.

Is another exchange collapse on its way?

Lol what? Just because the price has dropped 11.5% in last 24 h you are worried about BNB coin or binance will collapse? Let me tell you, binance is too big to fail. Just look at all markets, almost all of them got dumped as well because btc dumped too. Even i happier with this FUD so i can buy more BNB and added it on my bag. Just tell me if you want to sell your BNB.

Investor and trader confidence on exchanges isn't that high so I wouldn't too sure about that "too big to fail". One wrong move and CZ's empire could crumble. It's not a secret that Binance has been a target of regulators all over the world despite the exchange's effort to cooperate. There's a recent news report that they could be a subject of a US lawsuit for money laundering and then you have the FUD on their involvement with the FTX collapse.

Jackl87

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Quote from: ChillyMatthew on December 16, 2022, 09:25:03 AM

GM crypto fam.
Since I'm pretty busy and can't keep track of everything, even though I'd like to, this is something that I don't understand very well and would like to get your opinion on.
So, Binance recently halted USDC withdrawals because outflows reached $2B, which indicates to me that many investors are worried about their state, even tho they resumed withdrawals shortly after that.

Binance is probably the wealthiest and most healthy crypto exchange out there. They made that clear when they published the data about their exchange reserve funds which were at around 70 Billion $ if i remember correctly. That being said, i think there is no company out there in the world that is absolutely 100% bullet proof against a possible bankruptcy, so of course it is also possible hat Binance gets in trouble. The bad thing about such rumors and news is, that they are triggering a chain reaction. First a few big players start to withdraw their funds from an exchange and then as soon as this gets noticed more and more other investors are doing the same.

Kavelj22

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🔃EN>>AR Translator🔃

There is no reason for all these concerns. Binance will not fall so easily, and some normal news may be interpreted and presented to create panic in the market, or released by Binance competitors to undermine its credibility. In the past two days, news has been circulating about a $19 billion withdrawal by Binance, and that this is like an escape. Of course, the matter was exaggerated, and there is no certain information about the platform transferring this imaginary amount from its wallets.

The fall of Binance would be disastrous if it happened, and I think the authorities have taken a lesson from what happened with the FTX platform and also the Luna network. Binance has so far been able to secure itself and follow prudent management policies, but no guarantees can be given that the situation will continue in this case. Unfortunately, we are all affected by what may happen with Binance, even if we are not using it.

There is great hope for the rise of other platforms and the participation of Binance in its share of the market, which is currently the largest.

electronicash

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US wants to regulate the crypto market but they are not the ones to decide where this market will go, not even us users of BTC. the free market will decide and there will be people who will be using Binance as their storage just as the people do before 2022.

the FTX scam may teach the millions of users not to store their coins on exchanges but later when this market gain back the momentum, another incoming investors will do the same.

they wanna find faults to Binance. but because of the lack of regulations in US, Binance will also push back to what they want which causes all these fuss. It already cause a downturn so were all in it.

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