According to data analytics platforms, Binance has lost billions of dollars in the past week, but Changpeng Zhao claims that this information should not be taken literally.
In response to rumors of increased withdrawals from Binance following the Securities and Exchange Commission’s lawsuit against the exchange, Binance CEO Changpeng Zhao (CZ) issued a statement. In the last week, significant withdrawals from Binance have been observed on analytics platforms including Nansen, DefiLlama, and Glassnode.
CZ remarked on Twitter, however, that some third-party analytics may incorrectly interpret data by classifying movements in assets under control as “outflows,” including times when the price of cryptocurrencies is falling. He opined that Binance may not have been significantly harmed by the outflow data.
CZ continued to explain that large inflows and outflows are perfectly normal during times of volatility.