Investors Withdraw Millions From FTX as Binance Begins Liquidating FTT Token
Crypto exchange FTX is under the industry's microscope again. Hot on the heels of Binance CEO Changpeng “CZ” Zhao declaring that Binance is liquidating its stash of FTX’s native exchange token FTT, mass withdrawals from FTX have accelerated, with weekly stablecoin outflows from FTX reaching a whopping $451 million, according to Nansen data.
Conversely, Binance has seen net inflows of more than $411 million over the same period. Some of those stablecoin withdrawals, as highlighted by blockchain analysts at PeckShield, were executed by Jump Trading, which has transferred about $40.4 million worth of USDC stablecoin from FTX in the past 24 hours. The trading firm has since transferred $6.1 million in USDC back to FTX. Stablecoins haven’t been the only asset leaving FTX, either.
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@TradeCryptoNow
