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NOV 23, 2023

Binance Witnesses Significant Asset Outflow Valued at USD 1.7 billion Post DOJ Settlement

by Liaison Leisure, BVoSwihF9oGRcoR6w2HmGqiKNwKXuf1Pw5XucvEGdSFk

Binance, a major cryptocurrency exchange, encountered a substantial outflow of assets totaling around USD 1.7 billion, following a settlement with the US Department of Justice (DOJ).
In the aftermath of a recent settlement with the US Department of Justice (DOJ), Binance, a leading cryptocurrency exchange, underwent a substantial withdrawal of approximately USD 1.7 billion in digital assets based on an assumed exchange rate of IDR 15,654 per US dollar.
As disclosed by blockchain analysis firm Nansen and reported by Bitcoin.com on Thursday, November 23, 2023, a notable surge in fund outflow occurred shortly after the settlement agreement was finalized.
Within a span of just 12 hours on Wednesday, November 22, 2023, the exchange observed a downturn in Ethereum (ETH) value amounting to USD 17 million. Furthermore, over the course of 24 hours, various top-tier cryptocurrencies valued at USD 956 million, were withdrawn from the Binance platform.
Simultaneously, Binance's reserves on that day amounted to USD 64.98 billion. Among these reserves, Tether (USDT) constituted 28.94%, while Bitcoin (BTC) accounted for approximately 28.7% of the portfolio. Ethereum (ETH) represented 10.13%, followed by TrueUSD (TUSD) at 4.6%, and BNB at 4.31%.
The remaining 23.32% of Binance's reserves were diversified across various undisclosed cryptocurrencies. Concerning Bitcoin holdings, Binance possessed 511,438 BTC, while their Tether reserves totaled USD 18.8 billion.
It's noteworthy that Binance administers the largest Bitcoin wallet in terms of size, presently holding 248,597 BTC. Remarkably, this specific wallet has not recorded any outgoing transactions since January 7, 2023.
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