Cryptocurrency owners withdrew billions of dollars in cash from crypto exchange platforms last week, a new study has found.
According to CryptoQuant, a crypto market data analysis company, cryptocurrency holders monetised $3.7 billion in bitcoins and $2.5 billion in ethers from crypto exchanges around the world.
They also monetised the equivalent of $2 billion in "stablecoins", or cryptocurrencies whose prices generally remain stable.
Related News
- FTX: Bankrupt crypto giant founder questioned by Bahamas authorities
- Financial watchdog warns against fake crypto investments
The rapid withdrawal follows the recent bankruptcy of the FTX cryptocurrency exchange platform.
The financial failure of the company raised concerns about the regulation of crypto and the efficacy of security measures designed to protect and monitor crypto holders' assets.
