Worrying news about Binance also showed up during the opening hours of Asian markets on Tuesday. News that Tron founder crypto billionaire Justin Sun has withdrawn $50 million from Binance has fueled market concern. However, Sun stated that he invested 100 million USDC in Binance by sharing the Etherscan link from his personal Twitter account, in an effort to relieve the market.
According to on-chain data, $1.8 billion has been outflowed from Binance in the last 24 hours. Nansen data, on the other hand, show that about $162 million from the said outflow has shifted to Paxos and Huobi. Another cryptocurrency exchange, Coinbase, received approximately 124 million dollars of inflows during the day, especially during the opening hours of the Asian markets.
The value of Binance’s token BNB (often seen as an indicator of the exchange’s wealth) has slumped 8 percent in one day to $259, according to data from CoinGecko. According to DeFiLlama data, DeFi protocols locked in Binance Service Chain have lost 4.5 percent in value in the last 24 hours.
In the statement made by the exchange, it was stated that while the USDC and BUSD token swap transactions managed by Paxos, the withdrawal of USDC was temporarily stopped. Binance CEO Changpeng Zhao said that account records are kept at a New York-based bank and that the swap cannot be completed before the US markets open. Zhao also stated that Sun’s deposit on Binance is part of the transition from BUSD to TRON.