Huobi Global sees $60.9 million worth net outflows in just one day. The withdrawals surged after unconfirmed reports of Huobi laying off employees surfaced on social media. Today, Justin Sun confirmed that Huobi will be laying off 20% of its staff.

The FUD around Binance instantly affected BUSD. After withdrawing several billion dollars from the exchange and stopping the withdrawal of USDC, the exchange’s own stablecoin loses market capitalization.

Bitcoin is not just ‘number go up’ case, it’s a ‘let’s build a better world’ technology. Ignore it at your own peril.

There is no doubt that crypto exchanges are in trouble now. It is no surprise that FUD is rising. Will Binance be the only one to go through the storm safely? Lately, we did some observations that could be considered red flags for the exchange.

The world’s largest crypto exchange, Binance, has been dealing with a torrent of FUD (fear, uncertainty, and doubt) since the downfall of FTX. The firm is now fighting back with its latest blog post. On Dec. 22, Binance published a blog post in Chinese to address seven key issues the company wanted to clear up. At the time of writing, there was no English language version available. (Cointelegraph)

Binance has published a lengthy statement in response to “recent media and community questions” regarding the company’s finances and operations in the wake of the collapse of rival crypto exchange FTX.

Since USDC does not exist on the Binance platform and other stable currency trading pairs, Binance announced on September 5, 2022, that the user’s USDC, USDP, and TUSD stablecoin balance and new recharges will automatically convert to BUSD at a ratio of 1:1. Users can also withdraw assets denominated in BUSD at any time at a ratio of 1:1 to USDC, USDP, and TUSD. Therefore, the platform must first convert BUSD to USDC when there is a large-scale USDC withdrawal.

The last few months, especially following the FTX collapse, have been rough for <a href="https://ambcrypto.com/can-usdt-retain-its-stablecoin-crown-these-recent-developments-suggest/">USDT</a> as the currency has been the target of fear, uncertainty, and doubt (FUD).

As the market celebrates Thanksgiving,&nbsp;<a target="_blank" href="https://cryptonews.com/news/bitcoin-news/">Bitcoin</a>&nbsp;trades sideways on November 25, maintaining a narrow range of $16,350 to $16,700.