Galaxy Digital Withdraws $10.24 Million Worth of ETH from Binance

IconCryptoNewsTerminal Staff26 Aug, 2024

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Galaxy Digital Withdraws $10.24 Million Worth of ETH from Binance

On-chain analyst ai_9684xtpa recently reported that a likely Galaxy Digital address withdrew 3,735 ETH (approximately $10.24 million) from Binance five hours ago. With this transaction, Galaxy Digital now holds 63,984 ETH (approximately $175 million). This news follows a series of withdrawals from Binance by various entities in recent weeks. The reasons for these withdrawals are not entirely clear, but they may be related to concerns about the exchange's solvency following the collapse of FTX. Galaxy Digital is a cryptocurrency merchant bank founded in 2018 by Mike Novogratz. The company provides a variety of services to institutional and individual investors, including asset management, trading, and custody.

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