{"id":72363,"date":"2023-01-11T12:46:36","date_gmt":"2023-01-11T10:46:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72363"},"modified":"2025-09-08T14:43:06","modified_gmt":"2025-09-08T11:43:06","slug":"forbes-binance-faces-mass-asset-outflow","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/forbes-binance-faces-mass-asset-outflow\/","title":{"rendered":"Forbes: Binance Faces Mass Asset Outflow"},"content":{"rendered":"<p>The cryptocurrency exchange Binance has seen a substantial outflow of assets \u2014 over the past two months it has lost around $12 billion. Forbes reports.<\/p>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'>Binance, the world\u2019s largest cryptocurrency exchange, is struggling to hold onto assets.<\/p>\n<p>Read more: <a href='https:\/\/t.co\/RQU9Ee8M9Q'>https:\/\/t.co\/RQU9Ee8M9Q<\/a> <a href='https:\/\/t.co\/VSpBuzi7uJ'>pic.twitter.com\/VSpBuzi7uJ<\/a><\/p>\n<p>\u2014 Forbes (@Forbes) <a href='https:\/\/twitter.com\/Forbes\/status\/1612992744250638339?ref_src=twsrc%5Etfw'>January 11, 2023<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>On 13 December 2022, Nansen analysts said that withdrawals of $3 billion from the exchange occurred over a seven-day period. At the time, that represented 4% of the total balance, the publication noted.<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cForbes\u2019 investigation showed that Binance had actually lost 15% of its assets after the publication by [the exchange\u2019s CEO Changpeng Zhao] Zhao on Twitter on the same day he downplayed withdrawals from the Nansen report,\u201d the article states.<\/p>\n<\/blockquote>\n<figure class='wp-block-image'><img decoding='async' src='https:\/\/lh6.googleusercontent.com\/1xWGxuECU5mdh2KjOQeadRbAI3IOAblfYH1_pqAYICkG1lTHiKnR2HNhlyyT1urBozPzfN97RH__U9E8sBSFXbhCDHoKuJ5Qv2aFMg4mLnIk-23GL4Lrbgb_Vi4MYt_1aNr4OEVF9pkObGXX6gqVi0vtLqyoieqQDKwags2_0COoHngwo4mcJ4N5WQMkmg' alt='Forbes: Binance \u0441\u0442\u043e\u043b\u043a\u043d\u0443\u043b\u0430\u0441\u044c \u0441 \u043c\u0430\u0441\u0441\u043e\u0432\u044b\u043c \u043e\u0442\u0442\u043e\u043a\u043e\u043c \u0430\u043a\u0442\u0438\u0432\u043e\u0432'\/><figcaption>Data: Forbes.<\/figcaption><\/figure>\n<p>Journalists noted that since November, net assets on the platform have fallen by 24%, and investments in tokens MATIC, APE and GALA on the exchange have declined by 40\u201350%.<\/p>\n<p>According to Forbes, investor confidence is best illustrated by the trajectory of Binance Coin (BNB) and Binance USD (BUSD). The former has fallen 29% since November, and, according to the publication, there are around 29 million BNB left on the exchange \u2014 51% less than <a href=\"https:\/\/u1f987.com\/en\/news\/binance-discloses-details-of-its-cryptocurrency-reserves\">\u0443\u043a\u0430\u0437\u044b\u0432\u0430\u043b\u043e\u0441\u044c<\/a> in the list of cryptocurrency reserves as of 10 November.<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cMeanwhile, the number of BUSD stablecoins on the platform declined by 40% [from 4 November to 4 January],\u201d the journalists noted.<\/p>\n<\/blockquote>\n<p>The publication also drew attention to discrepancies in balance estimates across different analytics firms. It cited Binance\u2019s reserves on 10 November, according to which the exchange held 58 million BNB (~$17 billion at the rate then).<\/p>\n<p>As of 4 January, CoinMarketCap (CMC) valued the BNB held by the exchange at 57 million. The publication questioned the reliability of the token counts, citing figures from other analytics firms:<\/p>\n<ul class='wp-block-list'>\n<li>Nansen \u2014 22 million BNB;<\/li>\n<li>DefiLlama \u2014 40 million BNB;<\/li>\n<li>Arkham \u2014 24 million BNB.<\/li>\n<\/ul>\n<p>Based on its own analysis of data from <a href='https:\/\/etherscan.io\/token\/0xB8c77482e45F1F44dE1745F52C74426C631bDD52#balances'>Etherscan<\/a>, Forbes \u201cidentified 16 million BNB.\u201d The journalists also pointed to discrepancies in Binance\u2019s Bitcoin assets, ranging from $4.8 billion (CMC, data as of 4 January) to $9.6 billion (CER.LIVE).<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cThus, the number of held coins varied sharply from 287 000 BTC to 577 000 BTC. This is likely due to erroneous queries by some analytics firms that do not conduct searches across all Binance wallets. Yet astute observers may wonder how CER.LIVE <a href='https:\/\/cer.live\/exchange\/binance'>determined<\/a> Bitcoin assets totaling $9.6 billion in Binance wallets, more than twice the amount reported by Glassnode and CoinMarketCap,\u201d the article states.<\/p>\n<\/blockquote>\n<p>The publication concluded that the exchange is experiencing a \u201csoft bank run\u201d (<span data-descr='a situation in which customers begin to close their deposits simultaneously' class='old_tooltip'>bank-run<\/span>), which could intensify.<\/p>\n<p>Some members of the community criticised the piece. One user quipped:<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cDear Forbes, I thought to respond to your article with some facts and figures, but instead, I will respond with the number 4.\u201d<\/p>\n<\/blockquote>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'>Binance Is Bleeding Assets, $12 Billion Gone In Less Than 60 Days \u2014 Forbes<\/p>\n<p>Dear <a href='https:\/\/twitter.com\/Forbes?ref_src=twsrc%5Etfw'>@forbes<\/a>, I thought of replying to your article with some facts and figures, but instead, I will reply with number 4. <a href='https:\/\/twitter.com\/hashtag\/Build?src=hash&#038;ref_src=twsrc%5Etfw'>#Build<\/a> <a href='https:\/\/twitter.com\/hashtag\/Adoption?src=hash&#038;ref_src=twsrc%5Etfw'>#Adoption<\/a> <a href='https:\/\/twitter.com\/hashtag\/BNB?src=hash&#038;ref_src=twsrc%5Etfw'>#BNB<\/a> <\/p>\n<p>In <a href='https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw'>#Binance<\/a> we trust.<a href='https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw'>@cz_binance<\/a> <a href='https:\/\/t.co\/OeauE7Rkwx'>pic.twitter.com\/OeauE7Rkwx<\/a><\/p>\n<p>\u2014 Spidey_ElonFan (@spideycyp_155) <a href='https:\/\/twitter.com\/spideycyp_155\/status\/1612681595080835072?ref_src=twsrc%5Etfw'>January 10, 2023<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Another commenter <a href='https:\/\/twitter.com\/sbundesen\/status\/1613034416905015296'>advised<\/a> the publication to \u201cconduct research before publishing nonsense.\u201d CEO Binance Changpeng Zhao said he would ignore the article.<\/p>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'>Think they may need an app to check the crypto market. \ud83d\ude02\ud83e\udd37\u200d\u2642\ufe0f<\/p>\n<p>Alright, will do 4, and ignore from here. <a href='https:\/\/t.co\/GP67A5iThk'>https:\/\/t.co\/GP67A5iThk<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href='https:\/\/twitter.com\/cz_binance\/status\/1612841627340476417?ref_src=twsrc%5Etfw'>January 10, 2023<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Earlier, WSJ-sourced experts <a href=\"https:\/\/u1f987.com\/en\/news\/experts-warn-of-alarming-signals-in-mazars-report-on-binance-reserves\">stated troubling signals<\/a> in Mazars\u2019 report on Binance\u2019s Bitcoin reserves.<\/p>\n<p>In December, amid <a href=\"https:\/\/u1f987.com\/en\/news\/net-outflow-of-stablecoins-from-binance-over-24-hours-reaches-3-billion\">outflows from the platform<\/a>, Zhao said the cryptocurrency exchange <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-refutes-rumors-of-liquidity-problems-at-binance\">had sufficient liquidity<\/a> to allow all clients to withdraw 100% of their assets if necessary.<\/p>\n<p>Follow ForkLog\u2019s Bitcoin news on our Telegram \u2014 news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Binance has seen a substantial outflow of assets \u2014 over the past two months it has lost around $12 billion. Forbes reports.<\/p>\n","protected":false},"author":1,"featured_media":72364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744],"class_list":["post-72363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72363"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72363\/revisions"}],"predecessor-version":[{"id":72365,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72363\/revisions\/72365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72364"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}