It’s turbulent times again in crypto-land, and in the current market downturn, false data is causing considerable unrest. This happened this week around Binance, the world’s largest crypto exchange with a market share beyond 40 percent. Binance found itself confronted on Thursday with rumors of allegedly unprecedented fund outflows.
On social media—primarily on X—warnings circulated claiming that between 10 and 17 billion US dollars had been withdrawn from the platform within seven days. Binance quickly dismissed the allegations and pointed to faulty data from third-party providers. Had such large sums of money actually been withdrawn, it would have been a clear indication that many traders currently no longer want to invest in cryptocurrencies and are shifting capital elsewhere. In parallel, the question would have to be raised whether Binance could immediately pay out such amounts.
A popular crypto analyst warned urgently on X (formerly Twitter; the tweet has since been deleted): “Withdraw your funds from Binance. 17 billion dollars in withdrawals over the last 7 days. There is a risk they will become insolvent.” Similar warnings spread rapidly in the crypto community, with the cited outflow volumes varying considerably.
The platform Coinglass had initially reported a 24-hour outflow of 3.76 billion US dollars. Data from OKLink, however, showed significantly lower figures: 46.58 million US dollars in 24 hours and 19.14 million US...
It’s turbulent times again in crypto-land, and in the current market downturn, false data is causing considerable unrest. This happened this week around Binance, the world’s largest crypto exchang...