The Collapse of the cryptocurrency exchange platform FTX has been witnessed by the withdrawal requests at multiple cryptocurrency exchanges and platforms by retail investors and institutional investors.
The crypto withdrawal request was witnessed in the world’s largest cryptocurrency exchange platform, Binance where 81,712 bitcoin cost approximately $1.35 billion as per the present Bitcoin values.
These many bitcoins were pulled out of Binance, a cryptocurrency exchange platform over the last six days after the fall of the FTX platform, according to the data shared by the Crypto analysis form CryptoQuant.
These 80,000 + Bitcoins are considered 15% of the total stakes of Bitcoins at the cryptocurrency exchange platform Binance. The Binance platform holds approximately 500,000 Bitcoins on its exchange.
Along with the withdrawal request of Bitcoin, the Binance platform also witnessed the withdrawal request of some other types of cryptocurrency assets like Ethereum which were around 125,026 and which costs around$155 a million along with the withdrawals of stablecoins which were a total cost of $1.14 billion approximately. All these withdrawals were carried out at the same time at the platform.
This has resulted in stormed discussions at the Twitter space, in which the CEO of Binance has to step in and he has to claim that a slight hike in the withdrawal request in any form is normal for the cryptocurrency prices and this will soon drop as this wave will collapse soon.
Binance, which is considered as world’s largest cryptocurrency exchange platform has told its retail investors that companies have experienced records of transactions into the big bitcoins, Ethereum, and stablecoins. The company assured all its retail investors and Crypto industry experts that it is having robust balance sheet and can resist all temporary shocks in the market.
The Crypto industry has been witnessing a huge amount of trust deficit this year. As the crypto industry witnessed back-to-back losses and the failures of the biggest crypto industry disasters Like The Fall of Terra cryptocurrency this year in May and the fall of FTX platforms last week. These issues are also hampering the prices of Cryptocurrency assets, in which the crypto industry has been witnessing the lowest prices this year in the range of $15 – $18,000 from the highest prices last year of $60,000 and more.
Although all the major Cryptocurrency exchange platforms and Crypto companies are making efforts to retain the level of trust of all the retail investors in the market and users in the market, the future of crypto identity has been seen in the dark cloud for now.
