The significant decline in confidence in cryptocurrencies has led to investors continuing to withdraw their deposits from trading platforms after a series of bankruptcies and embezzlements.
Yesterday, the Binance platform, the largest cryptocurrency trading platform in the world, recorded withdrawals exceeding $1.1 billion, in addition to more than $250 million withdrawn from the platform today.
The platform confirmed that all withdrawals were made without interruption, stressing that customers' funds are insured with similar assets to secure these deposits.
The arrest of Sam Bankman Fried in the Bahamas on Monday marked the beginning of a new chapter in the FTX saga, one that will pit the former crypto billionaire against the Southern District of New York.
While neither the US Attorney General, the Bahamas Attorney General nor the Royal Bahamas Police Force clarified the nature of the charges against Bankman Fried, a New York Times report stated that the charges against Bankman Fried included conspiracy to commit securities fraud, money laundering and wire fraud.
