Post
Topic
Board Altcoin Discussion
Re: Huge Binance outflows - should we be concerned?
by
Bananington
on 17/12/2022, 06:30:38 UTC
So, Binance recently halted USDC withdrawals because outflows reached $2B, which indicates to me that many investors are worried about their state, even tho they resumed withdrawals shortly after that.
The outflows reached $2B because many people were victims of FTX saga, others learnt from it that safety is never really assured when using or depending on an exchange for the safety of your cryptocurrency. The many withdrawals may have been triggered by a recent news that some have heard  about binance, while some others just heard that people were making withdrawals and contributed to the numbers by withdrawing as well. Anyhow, this all still advises for self custody, so you don't get too worried to start making emergency withdrawals whenever you hear a news about an exchange where you kept your cryptocurrency.