"Hopefully Binance will recover later, otherwise investors will no longer trust crypto."
Following the fall of FTX, investors are still in fear as they rush to sell their respective cryptocurrencies from crypto exchange giant Binance.
This follows because investors were found to have withdrawn as much as $360 million last Friday even though Binance's Chief Executive Officer (CEO), Changpeng Zhao (CZ) insisted that his company was under control.
In addition, investors quickly sold their digital assets as Binance Coin (BNB) plunged by 29% in two months while Binance USD (BUSD) lost $12 billion.
While Binance assets have reportedly lost nearly 15% worth $3 billion in the last week as CZ denied claims that he was quietly withdrawing his digital assets.
Tracked by the total value of Binance which has slipped by 24% since last November, digital assets such as MATIC, APE and GALA are down around 40% to 50%.
Through further observation, BUSD's holdings further decreased as it lost $1 billion on November 25 and December 14, where the net loss of the digital asset in total was almost $3.46 billion.
The following situation is one of the reasons why most individuals are increasingly wary of investing in Binance as they fear that continuous withdrawals will have a negative impact on digital assets.
