"Binance in Turmoil: CZ Breaks Silence on $4.6B Outflows and Suspended Withdrawals"

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Former Member5/8/235:17 AM0 replies

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"Binance in Turmoil: CZ Breaks Silence on $4.6B Outflows and Suspended Withdrawals"

Former Member5/8/235:17 AM0 replies

Former Member

Binance, a major cryptocurrency exchange, is facing a challenging situation as it halted Bitcoin withdrawals three times in a single day and experienced an extended period of downtime. Additionally, Bitcoin volume on the exchange dropped by over 65% in the last 30 days.

Adding to the concern, a massive outflow of $4.6 billion was recorded by whales. Binance cited high transaction volumes and surges in gas fees as the reasons behind the withdrawal halts. However, the crypto community is skeptical of this explanation, and the large outflow has raised suspicions about the exchange's stability.

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