Binance hit with $288 million Bitcoin exodus following CEO money laundering plea

exchange68September 12, 2024

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Quick Take

Binance has experienced aggressive outflows, with approximately 8,000 Bitcoin (to the tune of $288 million) departing from the platform in the wake of CEO Changpeng Zhao’s guilty plea to money laundering charges. In the past 12 hours, Binance has decreased its exchange balance from 665,000 Bitcoin to 657,000 Bitcoin.

This trend, while alarming, is not entirely unpredictable given the context. The exchange’s reputation and trustworthiness in managing substantial amounts of cryptocurrencies- in this case, Bitcoin- has been challenged.

As an essential observer of these market dynamics, CryptoSlate remains committed to monitoring these outflows and providing timely updates.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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