Binance offloaded $140M in Bitcoin in the last 24 hours Binance offloaded $140M in Bitcoin in the last 24 hours
The exchange also lost $32 million in Ethereum, $200 million in Binance USD and Tether, and $300 million in USD Coin.
2 min read
Updated: Dec. 13, 2022 at 3:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Glassnode data analyzed by CryptoSlate shows that leading exchange Binance offloaded $137 million worth of Bitcoin (BTC) in the last 24 hours.
In the meantime, nearly $32 million worth of Ethereum (ETH), $300 million worth of USD Coin (USDC), and $200 million in both Binance USD (BUSD) and Tether (USDT) were withdrawn. The total withdrawals equate to over $860 million.
Considering that BTC is currently following an upwards trajectory, Binance’s loss could increase in accordance with the BTC price. At the time of writing, BTC is being traded for around $17,390. According to CryptoSlate data, BTC increased 0.14% in the last hour. It also recorded 1.37% and 1.14% spikes in the last 24 hours and seven days, respectively.
Binance halts USDC withdrawals
On Dec. 13, Binance’s CEO Changpeng Zhao (CZ) Tweeted to say that the exchange suspended USDC withdrawals temporarily.
CZ explained that Binance saw an increase in USDC withdrawals recently. Since the exchange converts them 1:1, CZ said that the exchange must pay the banks a visit to supply the withdrawal requests.
He said the withdrawals were suspended not because the exchange lacked the resources but because the banks were slow in meeting Binance’s withdrawal demand.
Large transfers that caught the eyes
TRON DAO’s CEO, Justin Sun, said he deposited 100 million USD into Binance to help with Binance’s liquidity crisis.
Sun withdrew $34 million worth of BUSD and $15.4 million worth of USDT from Binance earlier on Dec. 13. He reportedly transferred these funds to Paxos and Circle to cash out, and said that these transactions were “just normal business cooperation.”
In the meantime, according to crypto reporter Wu Blockchain, Wintermute reportedly withdrew $153 million worth of USDC from Coinbase and transferred around $150 million of it to Binance.
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Author 
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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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,335.51
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance USD
$1.00372
BUSD is a stablecoin issued by Paxos in partnership with Binance..
USD Coin
$1.00012
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$0.99897
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
TRON DAO
TRON is dedicated to building the infrastructure for a truly decentralized Internet.
Wintermute
Wintermute is a global algorithmic market maker in digital assets globally, in CeFi, DeFi, and OTC.
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.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.