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The fortune of the founder and head of the largest crypto exchange, Binance, Changpeng Zhao, decreased by $12 billion amid problems with the trading platform. The Bloomberg Billionaires Index cut its earnings estimate for the Binance cryptocurrency exchange by 38% amid falling platform sales. As a result, Zhao’s wealth decreased by $11.9 billion to $17.3 billion. In addition to losing his fortune, Zhao reset the wealth of the founder of the FTX crypto exchange, Sam Bankman-Fried. In November 2022, the founder of Binance announced that he was liquidating the token associated with FTX following a report that Bankman-Fried’s hedge fund Alameda Research also held a large position in it. You might also like: Scaramucci predicts Sam Bankman-Fried will be ‘skinned alive’ at trial Some FTX clients rushed to withdraw money, and the exchange could not cope with the withdrawal surge. Less than a week later, the company filed for bankruptcy. This has seen Bankman-Fri...

The crypto exchange saw withdrawal levels not seen since the banking crisis in March this year. However, these figures remain within historical normal levels. Binance has witnessed as much as $1 billion in negative netflows in the same period amid various FUDs and bank run rumors. advertisement Blockchain Analysis firm Nansen reported that netflow to Binance turned positive this morning on ethereum. As the exchange witnessed around $75 million positive netflow within a few hours. BNB down 8% since SEC lawsuit At the time of writing, Binance’s native token BNB is trading at $277, down nearly 8% in the last 24 hrs, as per CoinMarketCap data. Bitcoin and Ethereum are also down nearly 4% and 3%, respectively. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...

The move comes as Reuters once again accused the world’s largest crypto exchange of commingling user funds in accounts held at Silvergate Bank. However, Binance executives completely denied the report claiming the story to be false and weak. Meanwhile, Binance CEO “CZ” completely ignored the report and kept him busy with Bitcoin Pizza Day. Also Read: Elon Musk Advises “Not To Bet The Farm On Crypto And Dogecoin” Ceffu Never Mix Customer Funds in Cold Wallets Binance’s institutional custody solution Ceffu took to Twitter to clarify its institutional clients that the custody platform operates on segregated account and wallet systems. Thus, clients’ assets deposited in cold wallets are never commingled. Ceffu goes on to explain how its off-exchange settlement solution Mirror is completely secure and safe. After i nstitutional clients lock their digital assets in Ceffu cold wallet, the wallet credits the amount of the digital assets to their Binance  ex...