This week has become a very huge and historic one in the crypto ecosystem as markets have been on a consistent freefall.
High-performing tokens at the beginning of the month are now seeing their prices slump and valuations tank as the FTX implosion has sent a ripple effect to the length and breadth of the market.
With the uncertainty cloud hovering over the future of the FTX Derivatives Exchange and the companies that may have exposure to it, investors have chosen not to stand in the crosshairs by withdrawing their funds from trading platforms across the board.
According to data from the crypto analytics platform, Nansen, more than $1 billion worth of Ethereum had been drained from exchanges over the past 24 hours. The withdrawals also featured other top altcoins including the top three stablecoins USDT, USDC, and BUSD as well as wETH comes off as the top 5 assets that are being moved off trading platforms.
Investors in…
