Move Your Funds ‘Now’ — Serious $2.2 Billion Crypto Warning Issued After Sudden Price Plunge Of Rivals Bitcoin And Ethereum

Bitcoin
BTC
ethereum and other major cryptocurrencies have fallen this year (although leaks have suggested a $65 billion earthquake could be fast approaching).

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The price of bitcoin has fallen by around 70% compared to the year before, dragging down the price of ethereum and forcing the CEO of crypto exchange Coinbase to issue a dire warning.

Now the price of bitcoin and ethereum rivals BNB
BNB
cryptocurrency developed by exchange Binance, fell sharply after reports that the exchange saw $1.9 billion in net outflows on Monday and temporarily halted withdrawals of the USDC stablecoin.

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“Remove your funds from Binance immediately,” bitcoin investor Mike Alfred, an outspoken critic of non-bitcoin cryptocurrencies and centralized exchanges, published on Twitter, adding “this is not a test or a joke.”

The price of Binance’s BNB, a cryptocurrency designed to facilitate trading on the platform and power a rival smart contract blockchain to ethereum, has fallen 5% in the past 24 hours, falling as the price of bitcoin and ethereum rise.

Binance saw $1.9 billion worth of net outflows of ethereum and ethereum-based cryptocurrencies in the past 24 hours, with outflows over the past week of nearly $2.2 billion, according to blockchain analytics firm Nanse.

About $2.5 billion in ethereum was reportedly pulled from the failed FTX exchange in early November as it battled what it called “false rumors,” putting traders on alert for more crypto collapses.

Binance suffered a further drop in confidence after its “proof of reserve report” failed to address questions about the state of its finances, and reported Reuters the company could be indicted by US Department of Justice prosecutors for possible money laundering and criminal sanctions violations.

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Binance also spooked traders when it said it was “temporarily” pausing withdrawals of the USDC stablecoin while it moves some cryptocurrencies between internal accounts.

“On USDC, we have seen an increase in withdrawals,” Binance CEO Changpeng “CZ” Zhao published on Twitter. “However, the swap channel from PAX/BUSD to USDC requires going through a bank in New York in US dollars. Banks will not be open for a few more hours. We expect the situation to return when the banks open.”