Wednesday, March 15, 2023

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Binance Tries To Restore It’s Trust

Binance, which stopped withdrawals of USDC in the US on Tuesday, is trying to restore confidence after more than a billion dollars worth of crypto was withdrawn from the platform. Zhao, CEO of the platform, which started the USDC shootings again, stated that the platform passed this stress test, and also shared an encrypted message. Stating that the encrypted message is a guess, Zhao said that if it turns out to be correct, he will explain the message.

A spokesperson for Binance, the world’s largest crypto asset platform, said about the recent withdrawals and concerns about transparency, “People make deposits and withdrawals every day for different reasons. “User assets on Binance have a one-to-one counterpart, and Binance has no debt in its capital structure.”

Due to the lack of trust following the collapse of FTX, users are withdrawing their assets from billionaire Changpeng Zhao’s platform. According to research firm CryptoQuant, 40,353 Bitcoin and 278,17 Ether were withdrawn net from Binance on Tuesday.

Announcing that approximately $1.14 billion in net assets were withdrawn from the platform on Tuesday, Zhao announced today that the situation has calmed down and users have started to invest their assets back into the platform. (This is not even among the top five withdrawals we have made in one day. We did a lot of shooting,” he added.

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