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Yuri Molchan
After CFTC filed legal complaint against Binance, users have been withdrawing billions in crypto to cold wallets
Prominent crypto tracking platform Whale Alert has reported that over the past 24 hours, nearly 232 million XRP have been transferred. A large part of this amount of tokens was withdrawn from the Binance exchange to what Whale Alert marked as an unknown addresses.
This happened amid $2 billion worth of crypto withdrawals from this top exchange. These funds have been removed from Binance after the CFTC pressed charges against Binance and its chief executive, CZ, personally earlier this week.
In the meantime, XRP has finally recaptured the $0.5 level, to the joy of the XRP army.
62 million XRP out of Binance after CFTC attack
Whale Alert spotted two transactions made from the Binance exchange. They carried 20,752,375 XRP and 41,140,453 XRP, evaluated at $11,139,239 and $21,608,659, respectively.
The difference between these two transfers is approximately eight hours. As reported by U.Today, over the past week, users have been actively removing funds from Binance, and the platform faced withdrawals of more than $2 billion in crypto on the Ethereum chain. In the meantime, the wallets that the company has publicly disclosed contain roughly $63 billion worth of cryptocurrencies.
According to the team of analytics company Nansen, which published the report, users began to withdraw funds last week. However, as the CFTC regulator sued Binance and its leader, CZ, on Monday, the withdrawals accelerated.
CFTC accused Binance of violating U.S. regulations to do with trading, and CZ in particular was accused of not registering his personal trading activity on Binance with the regulator. On Tuesday, the news spread that CZ is directly and indirectly linked to around 300 proprietary accounts used for trading; he also has two individual ones, according to the document filed by the CFTC as part of this lawsuit.
170 million XRP shifted by other players
Aside from the transactions made by Binance, Whale Alert spotted two more XRP transfers. They carried 20,752,375 XRP and a whopping 150,000,000 XRP.
An anonymous whale transferred 20 million XRP from Bittrex to Bitstamp, and major South Korean exchange Bithumb moved 150 million XRP among its internal wallets.
At the time of this writing, XRP has regained the $0.5 level, trading at $0.5697, according to CoinMarketCap. Earlier this week, crypto influencer David Gokhshtein pointed out that this coin was the only cryptocurrency whose price was not affected by the news of the CFTC suing Binance.
Currently, XRP has reached a peak in social dominance over other digital currencies, according to Santiment.