Binance has experienced a significant outflow of assets in the past two months, a recent report from Forbes found.
Forbes analysts dove deep into Binance’s wallets and found that the exchange saw around $12 billion of outflows since November.
Aside from the massive outflows, the report finds the discrepancy between reports of Binance’s holdings troubling. A lack of consensus among analytics platforms led Forbes to worry about foul play within the exchange, as some reports showed gaps of several billion dollars in Binance’s wallets.
However, the report only briefly addresses the state of the broad crypto market and underestimates its effect on Binance’s holdings.
Discrepancies in Binance’s asset reports
Earlier in December, Binance made news as on-chain data showed the exchange lost $3 billion of assets in a single week. The exchange saw 4% of its total asset balance withdrawn, sending the market into a frenzy. At the time, Binance’s CEO Changpeng Zhao assured customers tha
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