By George Ward
The world’s leading cryptocurrency exchange Binance and Tether-backed platform, Bitfinex, recorded the highest inflows of Ether (ETH) and ERC 20 tokens. Nansen, on Tuesday, revealed the results of the inflow and outflow of transactions on the exchanges.
In the past 24 hours, Binance tops the list with an overall deposit transaction of around $1.4 billion in ETH, including other tokens traded on the Ethereum blockchain. Meanwhile, The USDT-backed cryptocurrency exchange Bitfinex joined the trend-setting a pace of $318 million in digital coins.
Despite the numerous doubts attributed to the proof of assets and reserves, Coinbase and Crypto.com exchanges joined the list of exchanges that experienced increased transaction volumes.
The recent FTX crisis created insecurity in the hearts of many, as every movement of funds raises many eyebrows. Furthermore, Crypto Twitter questioned Crypto.com and Gate.io for not being transparent after the massive increase in ETH transactions between the exchange platforms.
Withdrawal activities on exchanges like Gateio, OKX and FTX-backed Kucoin platform became obscure. Notably, Gate.io has recently revealed its proof of reserves, including liabilities obtained alongside Kraken.
FTX Customers Switch To Binance
The recent increase in deposits could only suggest to many that FTX has lost all its potential investors to the Binance crypto exchange. But, Nansen data proves that crypto holders can still hold up high confidence with no distrust in CEX despite the FTX contagion.
The incident encountered by the FTX exchange platform crisis left its customers restricted from withdrawals of their funds. The FTX exchange platform collapsed a few months after the $40 billion bankruptcy hit the Terra ecosystem.
The Terra crash crippled crypto start-ups like BlockFi, Three Arrows Capital, Celsius and Voyager Digital. However, it’s undeniable that FTX had what looked like a solid framework that attracted both big and small companies to keep their digital assets with the exchange.
It is unthinkable that FTX had a liquidity crisis, given that Sam Bankman-Fried offered loan assistance to help the crypto lenders exposed to the Terra network crash a few months ago.