Binance changed stakes to liquidate over $75M in SHIB Binance changed stakes to liquidate over $75M in SHIB
The exchange unstaked over $100 million worth of SHIB and re-staked $30 million worth of tokens.
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Updated: Jan. 10, 2023 at 5:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
On Jan. 10 at 08:00 UTC, Binance unstaked $110.28 million worth of SHIBA INU (SHIB) and re-staked 4 trillion SHIB tokens, which equates to around $34.84 million, according to data shared by Arkham Crypto Intelligence.
The transfers took place on ShibaSwap and left $75.44 million, or 8.661 trillion SHIB tokens, unstaked. The tokens are being held in Binance’s 0xf97 wallet. These transactions also became the largest staking and unstaking transactions that took place on ShibaSwap for months.
Binance’s outflows
A report by Forbes stated on Jan. 9 that $12 billion worth of crypto was withdrawn from Binance in the last 60 days. The report also uncovered discrepancies between the exchange’s statements on its reserves.
Binance lost $3 billion of assets in a single week in early December, which equated to 4% of its total asset balance. At the same time, Binance’s CEO Changpeng Zhao (CZ) assured the community that the amount withdrawn wasn’t even the largest in Binance’s history and, therefore, wouldn’t be worth worrying about. However, the report found that the exchange has lost 15% of its assets since then.
CZ noticed the report and mentioned it on his Twitter account, reminding his followers to “ignore FUD, fake news, and attacks.”
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.