Wednesday, February 1, 2023

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Binance is trying to restore its trust

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Binance is trying to restore confidence after pulling more than 1$ billion worth of cryptocurrency from the platform. Zhao, CEO of the platform, which restarted USDC, said the platform passed the stress test and shared a secret message. Stating that the encrypted message was a guess, Zhao said he would explain if it turned out to be correct.

A spokesperson for Binance, the world’s largest cryptocurrency platform, said of recent withdrawals and concerns about transparency: “People deposit and withdraw money every day for a variety of reasons.” There is one counterparty and no debt in Binance’s capital structure.”

Due to a lack of trust following the fall of FTX. Users are withdrawing their assets from billionaire Changpeng Zhao’s platform. According to research firm Crypto Quant, 40,353 Bitcoin and 278.17 Ether were withdrawn from Binance on Tuesday.

After announcing on Tuesday that a total of about 1.14$ billion had been withdrawn from the platform, Zhao announced today that the situation has calmed down and users have started reinvesting their assets into the platform. has given (It’s not even in the top five returns we did in a day. We did a lot of things,” he added.)

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