FTX Collapse Causes Over 80,000 Bitcoin Outflow From Exchanges
aaronheaton33 mins ago
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The FTX bankruptcy has significantly reduced investor confidence in centralized cryptocurrency exchanges. In the ensuing financial turmoil and reports of troubled cryptocurrency exchanges stealing customer funds to fund risky bets, the golden rule of cryptocurrency: “Your keys, not yours. ‘is not the coin’ is once again at the center of general debate.
Giving up control over users’ coins has come at a great cost. As a result, massive withdrawals from exchanges have been reported.
More than 80,000 BTC left exchange wallets in the past day, according to CryptoQuant. Investors withdraw their Bitcoins and store them off-exchanges. data Indicated.
According to reports,
“The last few days have been utter turmoil for the crypto industry. With FTX bankrupt and looking for a bailout, Binance may jump in to help. In the meantime, investors have lost faith in central exchanges, and this is fully visualized in Exchange Reserves and Exchange Netflow.”
on-chain data It also suggests that well over 5 billion stablecoins exfiltrated from exchanges have been tracked by CryptoQuant. The numbers appear to be the highest since June 15th as the volatility caused by the FTX drama continues to rage.
Meanwhile, the number of transactions to withdraw stablecoins from exchanges surged to over 57,900 from 7,016 just a week ago.
Mass exodus from crypto exchanges prompts hardware-based crypto wallet provider Ledger experienced “Few scalability challenges” following a server outage.
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https://cryptopotato.com/ftx-collapse-triggers-over-80k-bitcoin-outflow-from-exchanges/ FTX Collapse Causes Over 80,000 Bitcoin Outflow From Exchanges
