Arca Moves $8.28 Million in BNB, PENDLE, and LDO from Binance

IconCryptoNewsTerminal Staff11 Jul, 2024

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Arca Moves $8.28 Million in BNB, PENDLE, and LDO from Binance

On-chain analyst AmberCN recently reported that a cryptocurrency investment fund suspected to be Arca withdrew a total of $8.28 million worth of BNB, PENDLE, and LDO from Binance five hours prior to their tweet. Arca's withdrawals are part of a larger trend of institutional investors moving their assets off of centralized exchanges and into self-custody, a move that has been driven by increasing concerns over the security of centralized exchanges. Binance is the world's largest cryptocurrency exchange by trading volume, but it has been the target of several security breaches in recent years. In 2019, Binance was hacked and lost $40 million worth of Bitcoin. In 2022, Binance suffered a $570 million hack, one of the largest hacks in cryptocurrency history. The withdrawals by Arca are a sign that institutional investors are increasingly concerned about the security of centralized exchanges and are taking steps to protect their assets.

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