Bitcoin BTC tickers down $17,395 withdrawals from the largest crypto Binance have passed $500 million in the past 24 hours as its CEO calls out FUD.
Users withdrew 30,300 BTC ($515 million) in the 24 hours to the time of writing, this accounting for the majority of the week’s 40,150 BTC total. The abnormal behavior comes as Binance battles what its CEO, Changpeng Zhao (also known as CZ) blanketed as “FUD” on social media.
Despite Zhao likewise taking critics to task and Sun performing a $100 million deposit back to Binance, users were quick to remove their own funds from their accounts. A temporary suspension of certain withdrawals of Binance’s stablecoin, BUSD, was ongoing at the time of writing.
You can FUD about someone without explicitly mentioning their name, which spreads awareness. It also helps unite their supporters because it forms a common defense alliance.
The events mimic those from earlier in the FTX debacle, when exchange users en masse took custody of their funds. At the time, however, Binance’s BTC balance actually increased.