Binance Debunks Allegations of Massive Fund Outflows, Claims Data Misrepresentation

In response to rumors on social media about an unprecedented outflow of funds, Binance, the largest cryptocurrency exchange globally, has refuted the allegations, stating that third-party data showing such outflows is incorrect and will be "restored." The rumors, sparked by a crypto analyst's post, claimed that the exchange had seen between $10 billion to $17 billion in withdrawals over a week, leading to insolvency fears. Binance further suggested the institution of an annual "withdrawal day" for all platforms to confirm the authenticity of their assets. The Proof-of-Reserves report on their website revealed all cryptocurrencies to be over-collateralized, with more USD backing their reserves than crypto, indicating their financial stability.