{"id":281520,"date":"2022-12-13T16:59:16","date_gmt":"2022-12-13T16:59:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=281520"},"modified":"2023-08-21T15:41:11","modified_gmt":"2023-08-21T14:41:11","slug":"binance-ceo-unfazed-by-1-4b-in-withdrawals-from-exchange-in-one-day","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-ceo-unfazed-by-1-4b-in-withdrawals-from-exchange-in-one-day\/","title":{"rendered":"Binance CEO unfazed by $1.4B in withdrawals from exchange in one day"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Binance CEO Changpeng Zhao was undeterred after $1.4 billion worth of assets were withdrawn in a day.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite uncertainties, the CEO believes it's a good idea to &#8220;stress test withdrawals&#8221; on each centralized exchange on a rotating basis.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.<\/p>\n<p>I actually think it is a good idea to \u201cstress test withdrawals\u201d on each CEX on a rotating basis. \ud83d\udcaa<\/p>\n<p>1\/2 <a href=\"https:\/\/t.co\/uF9lLPDSyS\">https:\/\/t.co\/uF9lLPDSyS<\/a><\/p>\n<p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1602676998094069760?ref_src=twsrc%5Etfw\">December 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">However, Nansen, a Hong Kong-based blockchain analytics platform, reported that assets worth $3.6 billion had been removed from Binance in the last 7 days.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Binance Netflow 7D ($) -3,660,311,347<\/p>\n<p>8,783,380,428 &#8211; Outflow<br \/>5,123,069,081 &#8211; Inflow<\/p>\n<p>Exchange Flows dashboard \u2935\ufe0f<a href=\"https:\/\/t.co\/CYrBQLryQ0\">https:\/\/t.co\/CYrBQLryQ0<\/a> <a href=\"https:\/\/t.co\/vV6vcqoWKK\">pic.twitter.com\/vV6vcqoWKK<\/a><\/p>\n<p>&mdash; Nansen \ud83e\udded (@nansen_ai) <a href=\"https:\/\/twitter.com\/nansen_ai\/status\/1602677725218492416?ref_src=twsrc%5Etfw\">December 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Binance has been under scrutiny by some users recently.\u00a0 The recent uncertainty surrounding Binance arose from the firm's attempt to show its proof of reserve. According to <a href=\"https:\/\/veritas.mazars.com\/binance\/Binance_POR_Report_7_December_2022.pdf\">Mazars' report<\/a>\u00a0last month, Binance's Reserve is overcollateralized, while Binance claimed Mazars' report was an audit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amidst Binance's efforts to save its credibility, Reuters published a <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-justice-dept-is-split-over-charging-binance-crypto-world-falters-sources-2022-12-12\/\">report<\/a> citing new allegations accusing the exchange of money laundering. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adding to the firm\u2019s pain, the exchange had to <a href=\"https:\/\/cryptoslate.com\/binance-clarifies-usdc-withdrawals-were-down-due-to-token-swap-replenishing-hot-wallet\/\">stop USDC withdrawals<\/a> recently. However, Binance maintains that it's temporary and is due to a token swap involving the stablecoin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the midst of the uncertainty, the Binance CEO maintained that all the FUD helped them grow, and it has been a regular occurrence for them since they founded the firm.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">FUD helps us grow, even though they are thoroughly annoying. <\/p>\n<p>You can FUD about someone without explicitly mentioning their name, which spreads awareness.<\/p>\n<p>It also helps unite their supporters because it forms a common defense alliance.<\/p>\n<p>Short thread. 1\/4 <a href=\"https:\/\/t.co\/PlxhqV5cZS\">https:\/\/t.co\/PlxhqV5cZS<\/a><\/p>\n<p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1602590863451889665?ref_src=twsrc%5Etfw\">December 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao was undeterred after $1.4 billion worth of assets were withdrawn in a day. Despite uncertainties, the CEO believes it&#8217;s a good idea to &#8220;stress test withdrawals&#8221; on each centralized exchange on a rotating basis. However, Nansen, a Hong Kong-based blockchain analytics platform, reported that assets worth $3.6 billion had been removed [&hellip;]<\/p>\n","protected":false},"author":1393,"featured_media":333839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance CEO unfazed by $1.4B in withdrawals from exchange in one day<\/title>\n<meta name=\"description\" content=\"Despite uncertainties, the CEO believes it&#039;s a good idea to &quot;stress test withdrawals&quot; on each centralized exchange on a rotation basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-ceo-unfazed-by-1-4b-in-withdrawals-from-exchange-in-one-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance CEO unfazed by $1.4B in withdrawals from exchange in one day\" \/>\n<meta property=\"og:description\" content=\"Despite uncertainties, the CEO believes it&#039;s a good idea to &quot;stress test withdrawals&quot; on each centralized exchange on a rotation basis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-ceo-unfazed-by-1-4b-in-withdrawals-from-exchange-in-one-day\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-13T16:59:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-21T14:41:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/06\/binance-tos.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Soumen Datta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Soumen Datta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-ceo-unfazed-by-1-4b-in-withdrawals-from-exchange-in-one-day\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-ceo-unfazed-by-1-4b-in-withdrawals-from-exchange-in-one-day\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#person\",\"name\":\"Soumen Datta\",\"url\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"caption\":\"Soumen Datta\"},\"jobTitle\":\"Journalist\",\"description\":\"Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects. 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Datta","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen-150x150.jpg","caption":"Soumen Datta"},"description":"Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects. Although this space is still in its infancy, there has been a lot of development and funding in this area, and he believes it will become much more mainstream within the next ten years. Soumen enjoys playing his guitar and singing along in his spare time.","url":"https:\/\/cryptoslate.com\/author\/soumen-datta\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/281520"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1393"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=281520"}],"version-history":[{"count":11,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/281520\/revisions"}],"predecessor-version":[{"id":351624,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/281520\/revisions\/351624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/333839"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=281520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=281520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=281520"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=281520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}