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Major Cryptocurrency Exchanges Face BTC Drainage in the Year 2020

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Oct 16, 2020
Major Cryptocurrency Exchanges Face BTC Drainage in the Year 2020

In the running year, it has been noticed that many major cryptocurrency exchanges have started facing a drop in their crypto-reserves. Many crypto-exchanges have mentioned that they have experienced a significant drop in their cryptocurrency reserves from the beginning of the year.

These cryptocurrency exchanges have confirmed that out of all the cryptocurrencies, Bitcoin has been the one that has been dropping faster than the rest. They confirmed that in the beginning of the year, the cryptocurrency reserves are at a very satisfactory number.

However, towards the mid of the year, it has been observed by some crypto-exchanges that the users holding the bitcoin (BTC) on these exchanges have slowly cashed out their coins. These exchanges confirmed that as of now, a total of 187,000 bitcoins worth $2.1 Billion have been drained out.

When it comes to the major cryptocurrency exchanges, Coinbase dropped major news in the crypto-community. They confirmed that in February, Coinbase had 1 million bitcoin in their monitoring.

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However, the number recently dropped down to nine hundred and eight thousand bitcoin as ninety-two thousand bitcoin have been cashed out of the exchange. This is a 9% drop from the initial Coinbase bitcoin holdings and is worth $1 billion.

Since then, Coinbase has lost another batch of bitcoin but this time, the number is 36,000 BTC, which makes up for around $408 million.

More cryptocurrency exchanges that are not on Coinbase’s level have also reported a drop in their Bitcoin management in the last three months.

Huobi, which is a cryptocurrency exchange with the second-largest bitcoin reserves is Coinbase, has also confirmed the drop. As per Huobi, they have experienced a drop of 53,000 BTC, which makes up for $601 million.

As for Binance, there has not been a significant but a normal drop in the BTC reserve holdings. In the month of June 2020, Binance reported that they held 269,000 BTC and now, they have around 266,000 BTC under their management.

The fourth largest-cryptocurrency exchange with respect to BTC reserve holdings, Okex, also reported the same drop. They confirmed that in June, their BTC reserve holdings were 240,000 BTC and now they are down to $198,000 BTC.

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