Crypto Market Loses Over $225 Million Amid News of CZ Step Down
Crypto market loses $225M in a day following Binance CEO Changpeng Zhao's resignation after court settlement.
The cryptocurrency market suffered a significant loss, with over $225 million in holdings lost in a single day, after major news from Binance, the largest crypto exchange by trading volume.
Changpeng Zhao, CEO of Binance, opted to step down following a court settlement. The majority of the market losses, totaling more than $180 million, were traders who expected prices to climb. Binance was responsible for around $98 million of these losses.
The market lost a total of $226.74 million.Bitcoin and Ethereum were the heaviest impacted, shedding $50 million and $20 million, respectively. Binance's own coin, BNB, suffered losses as well.
Dogecoin traders also suffered losses, with over $4.77 million lost in a single day. Binance saw a big withdrawal spike, with $566.8 million removed from the exchange.
"It was hard emotionally, but I know it's right," Zhao tweeted of his difficult decision to resign. I made mistakes for which I must accept responsibility. It's in the best interests of our community, Binance, and myself."
