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2022-12-14 17:49:14 Net outflow of stablecoins from Binance reached $3 billion in a day

More than $7 billion worth of stablecoins were withdrawn from the largest crypto exchange Binance in 24 hours. The influx of “stable coins” during the same time amounted to about $4 billion.

USDT, BUSD and USDC are in the highest demand.

The head of the exchange, Changpeng Zhao, stressed that against the backdrop of the May collapse of Terra, the volume of outgoing funds was even greater, and now “deposits are returning.”

“The withdrawal of funds from the exchange is increasing due to the growing uncertainty around its reserves report,” Nansen researchers shared their opinion in a conversation with Reuters. Open / Comment

2022-12-14 11:50:48 Tether will stop issuing loans secured by USDT

In response to a recent media attack, Tether, the issuer of the USDT stablecoin, said it would reduce secured loans in USDT reserves to zero over the next year.

Tether explained that stablecoin-backed loans work similarly to loans from private banks that use collateral. However, unlike banks that operate with fractional reserves, Tether loans are more than 100% secured, the company claims.

“Tether is managed professionally and conservatively, and this will once again be demonstrated by the successful completion of the lending business without loss, as all loans are backed by liquid assets,” the company said. Open / Comment

2022-12-14 10:05:54 Nansen: Binance is rapidly losing customer deposits

Nansen analysts report that about $3 billion has been withdrawn from Binance in the last 48 hours. User activity is associated with a “temporary suspension” of withdrawals in USDC stablecoins.

Cryptocurrency exchange Binance recorded a net outflow of client assets on Ethereum worth about $2 billion over the past 24 hours. According to the Nansen analytics platform, this is the highest daily withdrawal of funds from a cryptocurrency exchange since June.

The day before, CoinDesk reported that last Monday Binance recorded an outflow of funds in the amount of $902 million. Thus, in 2 calendar days, users of the Binance cryptocurrency exchange withdrew crypto assets worth about $3 billion.

“Withdrawals from Binance are on the rise due to growing uncertainty around its reserves report,” Nansen said in a report. Open / Comment

2022-12-14 09:57:21 Fresh crypto rate! Open / Comment

2022-12-13 21:50:22 SEC accuses Sam Bankman-Fried of FTX fraud

Sam Bankman-Fried (SBF) has been charged by the US Securities and Exchange Commission (SEC) with defrauding FTX investors and using funds from clients of the trading platform.

The agency said Bankman-Fried orchestrated a multi-year scam to hide FTX investors from diverting client funds to Alameda Research and providing the exchange's last unlimited "line of credit".

Despite claims by the former head of FTX that he was "not good with numbers," the SEC alleges that he controlled investment and operating activities, communicated frequently with Alameda employees, and had full access to internal records and data. Open / Comment

2022-12-13 16:04:10 Binance has restricted the withdrawal of USDC stablecoin

Bitcoin exchange Binance has suspended cashouts in USD Coin (USDC) stablecoin on the Tron, BNB Chain, and Ethereum networks. The restrictions did not affect USDT and BUSD.

“Binance is conducting a token swap involving USDC. As a result, USDC withdrawals are temporarily suspended. Withdrawal of USDT and BUSD is available and unaffected. USDC withdrawal will open after the completion of the exchange of tokens, ”Binance explained.

The head of the trading platform, Changpeng Zhao, noted an increase in demand for USDC withdrawals. He expects the situation to recover after the reopening of banks in a few hours.

“1:1 conversion, no margin or leverage. We will also try to install more sharing channels in the future. At this time, you can withdraw any other stablecoin: BUSD, USDT and others,” Zhao wrote.

USDC withdrawal in alternative blockchains is available - Avalanche, Solana, Polygon and others. Open / Comment

2022-12-13 09:25:04 Mood today Open / Comment

2022-12-13 09:18:27 Bloomberg: Caroline Ellison hired ex-SEC official to protect her interests

Former SEC employee Stephanie Avakian has agreed to represent the interests of the former head of Alameda Research, Caroline Ellison, during the federal investigation into the collapse of FTX. Bloomberg writes about it.

At the Commission, Avakyan headed the law enforcement department and oversaw cases in relation to cryptocurrency projects, including Ripple and Robinhood. In 2020, she reported a record amount of penalties for unregistered ICOs - more than $4.68 billion.

According to Bloomberg, Allison will receive additional legal support from WilmerHale lawyers. Open / Comment

2022-12-13 09:15:09 The authorities of the Bahamas arrested the founder of FTX Sam Bankman-Freed

Law enforcement in the Bahamas has arrested FTX founder Sam Backnman-Freed at the request of the US government. This was announced by Attorney for the Southern District of New York Damian Williams.

“Authorities in the Bahamas have arrested Samuel Bankman-Freed at the request of the US government on the basis of a sealed indictment filed in the Southern District of New York. We expect a motion to remove the secrecy from the indictment will be filed in the morning, after which we will be able to provide more details, ”the message says.

According to Bahamas Attorney Ryan Pinder, the arrest took place on December 12. The US has filed criminal charges against the founder of FTX. It is expected that American law enforcement agencies will require Bankman-Fried to be extradited to the States. Open / Comment

2022-12-13 09:10:20 Good morning! Fresh course! Open / Comment