Binance Experiences a Withdrawal of Over $1 Billion After CZ’s Guilty Plea

Binance saw outflows totaling $1.01 billion in a span of 24 hours, while OKEx observed a net inflow of $152 million.

The largest cryptocurrency exchange globally, Binance, witnessed a significant outflow exceeding $1 billion in a 24-hour period. This follows the guilty plea of its former CEO, Changpeng “CZ” Zhao, on charges related to money laundering violations, along with a $4.3 billion settlement with the U.S. Justice Department.

Binance Encounters Substantial Outflows and Liquidations

Data sourced from DeFiLlama’s TVL aggregator indicates that Binance has observed significant outflows amounting to $1.01 billion in the last 24 hours, contributing to a net outflow of $703 million in the past week.

Despite these recent outflows, Binance maintains its position as the leading centralized crypto exchange with net inflows of $1.68 billion in the past month, according to DeFiLlama.

Meanwhile, OKEx has seen notable growth as users shift from Binance, with the exchange recording net inflows of $152 million in the last day, marking the highest among all centralized crypto exchanges monitored by DeFiLlama.

Moreover, in the aftermath of Binance’s settlement, over $200 million in Crypto Futures Bets have faced liquidation. Data from CoinGlass reveals that crypto perpetual futures positions, amounting to $227 million, were liquidated in the past 24 hours, with bullish longs making up nearly 80% of the total.

This includes liquidation events of Bitcoin longs and shorts worth over $67 million, marking one of the most substantial liquidation events in recent months.

ETH futures traders suffered losses amounting to $27 million, while SOL traders on the Solana network faced $10 million in liquidations. Liquidations for BNB, affiliated with the Binance ecosystem, were comparatively lower at $6 million.

Remarkably, Binance traders contributed to the highest liquidation amount among counterparties, totaling $99 million, with OKEx closely following at $62 million.

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