Move Your Funds ‘Immediately’—Serious $2.2 Billion Crypto Warning Issued After Sudden Bitcoin And Ethereum Rival Price Crash

Bitcoin
BTC
, ethereum and other major cryptocurrencies have cratered this year (though leaks have revealed a $65 billion earthquake could be fast approaching).

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the latest bitcoin and crypto market crash

The bitcoin price has collapsed by around 70% from a year ago, dragging down the ethereum price and forcing the chief executive of crypto exchange Coinbase to issue a dire warning.

Now, the price of bitcoin and ethereum rival BNB
BNB
, a cryptocurrency developed by the exchange Binance, has fallen sharply following reports the exchange saw $1.9 billion of net outflows on Monday and temporarily halted withdrawals of the USDC stablecoin.

It’s in a brutal bear market that you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

MORE FROM FORBESLeaks Reveal Crypto CEOs Are Braced For A $65 Billion Bitcoin And Ethereum Price EarthquakeBy Billy Bambrough

“Remove your funds from Binance immediately,” bitcoin investor Mike Alfred, an outspoken critic of non-bitcoin cryptocurrencies and centralized exchanges, posted to Twitter, adding “this is not a test or joke.”

The price of Binance’s BNB, a cryptocurrency designed to ease trading on the platform and power a smart contract ethereum rival blockchain, has dropped 5% over the last 24 hours, falling as the bitcoin price and ethereum climb.

Binance has seen net outflows of $1.9 billion worth of ethereum and ethereum-based cryptocurrencies over the last 24 hours, with outflows over the last week of almost $2.2 billion, according to blockchain analytics company Nanse.

Some $2.5 billion of ethereum was reportedly withdrawn from the collapsed exchange FTX in early November as it fought what it called “false rumors,” putting traders on high alert for more crypto company meltdowns.

Binance suffered a further drop in confidence after its “proof of reserve report” failed to settle questions about the state of its finances and it was reported by Reuters the company could be about to be charged by U.S. Department of Justice prosecutors over possible money laundering and criminal sanctions violations.

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESLeaked Twitter Code Reveals Secret Crypto Bombshell, Raising Serious Bitcoin And Dogecoin QuestionsBy Billy Bambrough

Binance also spooked traders when it said it was “temporarily” pausuing withdrawals of the USDC stablecoin while it moves some cryptocurrencies between internal accounts.

“On USDC, we have seen an increase in withdrawals,” Binance chief executive Changpeng “CZ” Zhao posted to Twitter. “However, the channel to swap from PAX/BUSD to USDC requires going through a bank in New York in U.S. dollars. The banks are not open for another few hours. We expect the situation will be restored when the banks open.”