outflows from cryptocurrency exchanges, as the episode rocks the digital asset sector and weakens confidence in centralised platforms. report citing data from CryptoCompare, investor withdrawals of bitcoin were the highest ever in November, with 91,363 tokens worth nearly $1.5 billion pulled from exchanges including Kraken, Coinbase, and Binance. It's unclear whether those cryptocurrencies were sold or transferred to private wallets, the report said.
Meanwhile, in the first week of December, investors pulled 4,545 bitcoin from centralised exchanges, up from 3,846 in the same period in 2021. Bitcoin has dropped roughly 63% year-to-date. It traded around $17,000 on Monday, after peaking at about $69,000 in November 2021. has renewed concerns about the safety of user funds held in centralised exchanges. Global regulators are closing in on Bankman-Fried and FTX, and the once-touted crypto king is set to testify before Congress this week.
All this has weighed on public confidence in crypto, and traders have grown more wary over security.
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