Billion

<figure><img src="https://u.today//sites/default/files/styles/1200x900/public/2023-06/35952.jpg" alt="Cover Image" width="800"
 height="500">
 <figcaption>Cover image via <a href="https://u.today/">U.Today</a></figcaption>
 </figure>In a stunning turn of events, Binance, one of the world's largest crypto exchanges, has been hit with a massive outflow of funds, amounting to a staggering $850 million in the last 24 hours alone, according to <a href="https://defillama.com/cexs">DefiLlama</a>. This figure has now soared to a jaw-dropping $2 billion over the course of just seven days.<img alt="" data-entity-type="file" data-entity-uuid="e5f94db3-2648-4f83-b517-e8bf2c909ae3" src="https://u.today/sites/default/files/inline-images/bnbn_1.png" />Binance's total assets and USD flows by <a href="https://defillama.com/cex/binance-cex?tvl=true&amp;usdInflows=true&amp;groupBy=daily">DefiLlama</a><a href="https://u.today/binances-cz-denies-being-wasted-in-fud-inspired-ak-47-skirmish">card</a>The woes of the black-and-yellow crypto behemoth began on Monday when <a href="https://u.today/sec-chair-allegedly-once-offered-to-be-binance-advisor-is-personal-vendetta-at-play">the SEC</a> filed a lawsuit against Binance, Binance US and <a href="https://u.today/binance-ceo-behind-something-extremely-sketchy-sec-confirms">Changpeng Zhao</a>, the exchange's CEO, for alleged violations of U.S. securities regulations. Alongside the lawsuit, the SEC demanded a freeze of the funds of all three entities involved, a move that could take effect as early as June 13, potentially compounding Binance's troubles.<h2 id="where-does-money-flow">Where does money flow?</h2>Interestingly, amid the turmoil engulfing the crypto market, one exchange has emerged as a beneficiary of Binance's woes. OKX, another major player in the cryptocurrency landscape, has experienced significant growth since the beginning of the week, with an increase of at least $350 million. According to DefiLlama, this surge has solidified OKX's position as the second largest centralized crypto asset trading platform, further cementing its status in the industry.Presently, the total value of OKX assets stands at an impressive $10 billion. While this figure is still six times lower than that of <a href="https://u.today/binances-cz-denies-being-wasted-in-fud-inspired-ak-47-skirmish">Binance</a>, it represents a remarkable 15.3% increase compared to the third-place contender, Bitfinex.<a href="https://u.today/binance-ceo-behind-something-extremely-sketchy-sec-confirms">card</a>As the crypto market continues to evolve and face regulatory challenges, the rise of OKX amid Binance's struggles showcases the dynamic nature of the industry. Investors and traders are closely watching developments, eagerly anticipating the resolution of Binance's legal predicament and its potential impact on the broader crypto landscape.

Almost $1 Billion out of Binance in 24 Hours: Here's Main Beneficiary

Table of Contents

U_Today

Other articles published on Jun 8, 2023

Cryptocurrency Market’s SEC Ordeal Over? OP Token, Its Rise and Upgrade Details

Japanese Megabank Mitsubishi UFJ to Launch Stablecoin Issuance Platform in 2024

Cathie Wood’s Ark Invest Buys the Coinbase Dip

Steve McNew delves into crypto and NFT security at Money20/20

Mixed Reactions in Crypto: XRP, BNB, MATIC, ALGO, GENSLR Show Trending

Cardano Announces Launch of Project Catalyst: Details

Join our free newsletter for daily crypto updates!

Almost $1 Billion out of Binance in 24 Hours: Here&#039;s Main Beneficiary