Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#1

Post by manholio » Tue, Dec 13, 2022, 3:36 PM UTC

Binance freezes withdrawals of stablecoin USDC as investors pull $2B
markets.businessinsider.com

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#2

Post by drbig » Tue, Dec 13, 2022, 4:04 PM UTC

https://archive.ph/tb4rs - "Binance halted USDC withdrawals after customers pulled over $2 billion worth of cryptocurrency from the exchange Monday, according to data from blockchain intelligence platform Nansen."

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#3

Post by ww520 » Tue, Dec 13, 2022, 4:16 PM UTC

Are people withdrawing the USDC coins or the USD behind the coins?

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#4

Post by JumpCrisscross » Tue, Dec 13, 2022, 4:16 PM UTC

> Binance Coin — a native token that is seen as reflecting customers' trust in the exchange — had slipped 5.12% to trade at just under $269 at last check Tuesday

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#5

Post by jqpabc123 » Tue, Dec 13, 2022, 4:17 PM UTC

every digital dollar of USDC can always be exchanged 1:1 for cash.

Well ... maybe not always ... and never without fees attached.

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#6

Post by bb88 » Tue, Dec 13, 2022, 4:18 PM UTC

USDC is supposed to be the good stablecoin.

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#7

Post by ldbooth » Tue, Dec 13, 2022, 4:20 PM UTC

Yikes. This could be the first inning of the Tether bubble deflating, and by extension half the crypto market.

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#8

Post by modeless » Tue, Dec 13, 2022, 4:20 PM UTC

bb88 wrote: post #6

USDC is supposed to be the good stablecoin.

Maybe that's why they can't print it out of thin air...

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#9

Post by birracerveza » Tue, Dec 13, 2022, 4:21 PM UTC

bb88 wrote: post #6

USDC is supposed to be the good stablecoin.

If you give me 100 USDC and I pinky promise to give them back but then I don't, whose fault is it? USDC's?

Re: Binance freezes withdrawals of stablecoin USDC as investors pull $2B

#10

Post by Finnucane » Tue, Dec 13, 2022, 4:21 PM UTC

jqpabc123 wrote: post #5

every digital dollar of USDC can always be exchanged 1:1 for cash. Well ... maybe not always ... and never without fees attached.

I will glad pay you Tuesday for a binanceburger today.