$12 billion is taken out of Binance in 60 days.

Analysts at Forbes dug into Binance's accounts and discovered that the market has experienced outflows of about $12 billion since November.

In addition to the significant withdrawals, the report is troubled by the difference between reports of Binance's holdings. Forbes was concerned about possible insider trading when analytics platforms couldn't agree, and some reports revealed holes in Binance's accounts of several billion dollars.

The report, though, understates the impact of the state of the overall crypto market on Binance's assets and just briefly explains it.

Binance's asset reporting contains inconsistencies.

Binance hit the headlines back in December when on-chain statistics revealed the marketplace dropped $3 billion worth of assets in one week. The withdrawal of 4% of the exchange's total asset balance caused the marketplace to erupt. At the time, Changpeng Zhao, CEO of Binance, reassured consumers that there was no reason for fear because the withdrawal sum was not even one of the exchange's five largest.

According to a Forbes study, the exchange has lost 15% of its assets since that time. Since November, the exchange's BNB, its native token, balance has been cut in half. Additionally, there were 40% fewer BUSD stablecoins available on the exchange. According to Forbes, the exchange's MATIC, APE, and GALA balances also decreased by 40% to 50%.

Data compiled from multiple crypto data companies revealed that since the start of November, approximately a quarter of Binance's assets have been lost from the marketplace.

On January 4, around 31% of Binance's total assets were held in BNB, according to CoinMarketCap. This is much more than what Binance reported in its fact sheet from November. Forbes considers the 57 million BNB tokens listed by CoinMarketCap to be “questionable,” nonetheless.

In particular, the amount varies drastically with the 22 million to 40 million token estimate for BNB reported by Nansen, DefiLlama, and Arkham. Just 16 million BNB were present on the exchange, according to Forbes' own Etherscan investigation.

Since November, around 40% of Binance's BUSD balance has indeed departed the exchange. Forbes came to the conclusion that Binance claimed owning several billion BUSD fewer than the figures given by Nansen and DefiLlama due to the mismatch between the figures given by analytics companies.

Binance's BTC holdings were also found to be inconsistent by the research. The exchange had tokens worth up to 577,000 BTC, ranging in quantity from 287,000 BTC. According to analysis firm CER.LIVE, $9.6 billion in Bitcoin was found in Binance's wallets, or over double the value disclosed by both Glassnode and CoinMarketCap.

It's crucial to realize that Binance hasn't been mostly losing money until November.

The market lost a substantial amount of BUSD, but at the same time, its USDT and USDC holdings doubled. The two stablecoins are now valued at a total of $6.27 billion on the exchange.

Additionally, its rising USDT and USDC holdings are a factor. Users of the exchange might have converted their assets of BUSD and BNB into more substantial and less volatile stablecoins, causing a decline in the exchange's BUSD and BNB holdings.

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