Serious Crypto Warning Issued As Binance Collapse ‘Countdown’ Suddenly
Begins—BNB Leads Bitcoin, Ethereum And XRP Price Lower
The
bitcoin price, double where it was when Binance rival FTX collapsed a year ago,
has swung wildly since reports of the settlement first emerged, with Binance’s
BNBBNB 0.0% cryptocurrency crashing by 10% and dragging other top five coins
ethereum and XRPXRP 0.0% lower. Now, as Argentina could be suddenly poised to
“supercharge” bitcoin, one feared short seller has warned the
countdown to Binance’s eventual collapse has begun—with traders already yanking
around $1 billion from the platform.
“There’s
no way Binance has that kind of cash without dipping into customer assets,”
Nathan Anderson, the founder of feared short-seller Hindenburg Research, a New
York-based investment management company, posted to X (Twitter), referring to
the exchange’s $4.3 billion fine. “A year ago they couldn’t respond to
whether they’d survive a $2.1 billion hit. The countdown to insolvency has
begun.”
Anderson pointed to a CNBC interview
with Binance founder Changpeng “CZ” Zhao, who has stepped down from
the company as part of the historical settlement, in which CZ failed to
say whether Binance would be able to continue after a $2.1 billion fine. Meanwhile,
Binance users pulled around $1 billion in various cryptocurrencies—including
bitcoin, ethereum, BNB and XRP—from the exchange over the last 24 hours
following news breaking of its $4.3 billion fine, according to data from
DeFiLlama.
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For
comparison, FTX, the cryptocurrency founded by Sam Bankman-Fried (SBF),
imploded last year after suffering outflows of around $6 billion in a matter of
days.
“Market
reaction (BNB coin, withdrawals from Binance) suggests so far that Binance can
swallow these penalties,” Tim Bevan, the chief executive at crypto
exchange-traded product provider ETCETC 0.0% Group, said in emailed comments. “If
they can absorb any fine, this draws a line under what has hitherto been the
biggest single risk in the crypto ecosystem, which is the current liquidity
concentration on Binance, regardless of the longer-term outlook for this
platform.”
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