On Jan 10 at 08:00 UTC, Binance withdrew $110.28 million from SHIBA INU (SHIB) and re-platted 4 trillion SHIB tokens, which is equivalent to around $34.84 million, according to data Shared by Arkham Crypto Intelligence.
The transfers were made on ShibaSwap and left $75.44 million, or 8.661 billion SHIB tokens, unstaked. The tokens are held in the Binance 0xf97 wallet. These transactions also became the largest staking and removal transactions to take place on ShibaSwap for months.
A Forbes report stated on Jan. 9 that $12 billion worth of cryptocurrency was withdrawn from Binance in the past 60 days. The report also found discrepancies between the exchange’s statements about its reserves.
Binance lost $3 billion in assets in a single week at the beginning of December, which was equivalent to 4% of its total asset balance. At the same time, Binance CEO Changpeng Zhao (CZ) assured the community that the amount withdrawn was not even the largest in Binance’s history and therefore not worth worrying about. However, the report found that the exchange has lost 15% of its assets since then.
CZ noted the report and mentioned it on his Twitter account, reminding his followers to “ignore FUD, fake news, and hacks.”
Journalist at CryptoSlate
Zeynep is an academic who turned to cryptocurrency in 2018. Originally from the social sciences, she is especially interested in the social impact of blockchain and cryptocurrency and strongly believes in its power to transmute.
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This post Binance shifted its stake to liquidate over $75 million in SHIB
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