Insights
Binance hit with $288 million Bitcoin exodus following CEO money laundering plea Binance hit with $288 million Bitcoin exodus following CEO money laundering plea

Binance hit with $288 million Bitcoin exodus following CEO money laundering plea

Data via Glassnode

Binance customers react to CEO's money laundering charges with massive Bitcoin withdrawals.

Quick Take

Binance has experienced aggressive outflows, with approximately 8,000 Bitcoin (to the tune of $288 million) departing from the platform in the wake of CEO Changpeng Zhao’s guilty plea to money laundering charges. In the past 12 hours, Binance has decreased its exchange balance from 665,000 Bitcoin to 657,000 Bitcoin.

This trend, while alarming, is not entirely unpredictable given the context. The exchange’s reputation and trustworthiness in managing substantial amounts of cryptocurrencies- in this case, Bitcoin- has been challenged.

Exchange Balance: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)

As an essential observer of these market dynamics, CryptoSlate remains committed to monitoring these outflows and providing timely updates.


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