The Binance FUD has been going on for over a week now. FTX stopped collapsed in less than three days.
I'm not rooting for a Monopoly to win, or hold BNB or anything. But this FUD on Binance feels like it has been going on forever now. From the day that CZ tweeted about selling his FTX tokens, to filing for bankruptcy, it was only about three days.
But with Binance, withdrawals haven't stopped, people are seeing the same delay messages that have always appeared, and still reporting that their funds arrive within a much shorter time frame.
The drainage is big for sure, almost $4bn, but it pails in comparison to the $60bn they hold in cold wallets. And it's only $1.5bn more than they handled when FTX collapsed.
Compare the outflows to FTX and you'll see Binance absolutely drawfs the FTX capabilities. They processed significantly more outflows in the previous months than during this attack.
Here's a graph from The Block Research showing the outflows of Ethereum on Binance. More money was pulled out when FTX crashed than right now.
Ethereum flows on Binance past three months
TLDR: Chill out
Submitted December 16, 2022 at 08:40PM by gnarley_quinn https://ift.tt/siHJOAn https://ift.tt/7gzNQAo
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