Binance Responds to Claims of Billions of Dollars in Outflows Today

Cryptocurrency exchange Binance has issued a public statement regarding the alleged outflow of billions of dollars in assets over the past 24 hours.

Claims circulating on social media and data platforms, citing Coinglass data, alleged that Binance experienced a net outflow of $3.7 billion in the last 24 hours.

According to data shared by the crypto data platform Coinglass, Binance allegedly experienced a 24-hour negative net inflow of $3.76 billion. This data caused brief concern in the markets.

However, data from the blockchain analytics platform OKLink presents a different picture. According to OKLink, Binance experienced a net outflow of $46.58 million in the last 24 hours and $19.14 million in the last 7 days. These figures are significantly lower than the billion-dollar outflow claim shared by Coinglass.

Related News: Following Recent Declines, a Cryptocurrency Platform Suspends Customer Withdrawals

In its official statement, Binance stated that the data reported by Coinglass came from third-party sources. They also noted that inconsistencies had previously been observed in DeFiLlama data. The exchange’s statement included the following:

“The data provided by Coinglass comes from third-party sources, and inconsistencies have been observed in the DefiLlama data previously. Correcting this data may take 24 to 48 hours.”

Binance also reminded users that they can visit the Proof of Reserves page to verify their assets.

*This is not investment advice.

Continue Reading: Binance Responds to Claims of Billions of Dollars in Outflows Today