Binance dismisses fund outflow rumors, cites data error

Binance has stated that circulating rumors of massive fund outflows are unfounded, CryptoPotato reported. The response follows claims by some cryptocurrency influencers that between $1.7 billion and $10 billion had been withdrawn from the exchange over the past seven days, prompting them to advise users to withdraw their funds. Binance explained that the CoinGlass data cited by the influencers was flawed, noting that similar defects have appeared on platforms like DeFiLlama in the past. The exchange added that its proof-of-reserves details are publicly available on its website and that all cryptocurrencies are collateralized by more than 100%.