Binance: Changpeng Zhao says his company will “survive” the crypto winter

At the same time, the crypto-currency mogul warned of several months “chaotic” to come.

The announcement comes after Binance recorded $3 billion worth of withdrawals in just 24 hours, according to blockchain security firm Nansen. In a tweet Changpeng Zhao Says that withdrawals have stabilized. Before that, he tweeted that it was important to ” stress test ” withdrawals.

Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. 🤷♂️💪 https://t.co/WLK2KyCym0

– CZ 🔶 Binance (@cz_binance) December 14, 2022

The world’s largest stock exchange is suffering from deteriorating crypto sentiment following the collapse of FTX, Binance’s main rival. Former FTX CEO Sam Bankman-Fried, who once held the title of the world’s richest person under 30, was arrested earlier this week in the Bahamas at the request of the US government. The disgraced entrepreneur was filmed leaving court in handcuffs Tuesday. Damian Williams, the federal prosecutor in the case, said Bankman-Fried committed “one of the largest frauds in American history“.

SBF leaves court in handcuffs pic.twitter.com/5KyFYOFBE2

– db (@tier10k) December 13, 2022

Meanwhile, Reuters recently reported that a half-dozen U.S. federal prosecutors are considering criminal charges against Changpeng Zhao, but the investigation has not yet reached a definitive conclusion.

Changpeng Zhao continues to casually refer to any unflattering coverage as “FUD” (fear, uncertainty and doubt) to assuage user concerns.

Notably, Bankman-Fried claimed that FTX was “well” just days before the stock market filed for bankruptcy.