Bank Run On Binance?

Story: Divya Sinha

Crypto exchange giant Binance experienced a large spike in customers withdrawals in the last 24 hours.

$1.6 billion worth of ETH and ERC-20 tokens were withdrawn from Binance in the last 24 hours.

As the crypto community fears another massive crash, Binance CEO is busy reassuring customers there’s nothing to worry about.

In a series of tweets, Changpeng Zhao confirmed that they have seen a heavy withdrawal on USDC.

As a move to reassure the market, Justin Sun revealed he deposited $100 million into Binance.

CZ further assured that there is no margin or leverage involved and these stablecoins are backed 1:1. We will also try to establish more fluid swap channels in the future, he added.

Bank run on Binance could prove to be disastrous for the crypto market as it is already reeling from the FTX crash.