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Users avoiding the storm? FTX stablecoin experiences large withdrawals, over 300 million flowing into Binance!

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Users avoiding the storm? FTX stablecoin experiences large withdrawals, over 300 million flowing into Binance!

The asset structure controversy of Alameda Research has sparked much discussion recently, even leading to a public online debate and power struggle between the CEOs of FTX and Binance. From the perspective of on-chain data, it can be observed that this incident has affected FTX users and triggered a significant amount of withdrawals, resulting in hundreds of millions of dollars in stablecoins flowing out of FTX.

FTX Stablecoin Outflow Leads the Way

According to on-chain data website Nansen, FTX has seen the highest stablecoin outflow among exchanges in the past 7 days, totaling nearly $300 million, due to the recent events.

Currently, FTX's stablecoin balance is only about $260 million, ranking 9th among all centralized exchanges excluding Uniswap, Curve, PulseX, and dYdX.

Meanwhile, Binance has seen the highest stablecoin inflow in the past week, with an inflow amount of approximately $337 million.

Alameda Research Transfers Large Amount of Stablecoins to FTX

According to data from Etherscan Etherscan, in response to the funds outflow from FTX, Alameda Research has withdrawn a significant amount of assets from Circle and transferred them to FTX, with over $260 million transferred in the past 24 hours, including $38 million in BUSD.

SBF: Welcome Back After the Event

Regarding this event, FTX CEO SBF stated that they have processed billions of dollars in deposits and withdrawals today, along with a significant amount of conversions between dollars and stablecoins.

However, when it comes to the root cause of the event, which is the asset structure issue of Alameda Research, SBF dismissed it as mere rumors and referenced a Twitter post by Alameda Research CEO Caroline Ellison.

"You should do what you want to do and trade where you want to trade. We appreciate those who have stayed, and after the whole event is over, we welcome everyone back to FTX," SBF said.