China launched a campaign to withdraw funds from cryptocurrency exchanges

Chinese crypto investors have faced withdrawal issues and disruptions to centralized exchanges.

Some activists have called for the withdrawal of the cryptocurrency stored on the balance of the sites and the closure of accounts, according to journalist Colin Wu.

Based on the data from the Cryptoquant service, Wu suggested that many users took advantage of the sharp drop in the price of ether to buy it and transfer it to DEX for use in pharming (profitable farming).

The data points out to shrinking ether balances on centralized exchanges.

The expert also noted that centralized exchanges responded to the campaign by listing DeFi tokens.

According to Wu, exchanges expect to take advantage of the hype around profitable farming. On January 3 last year, a global Proof of Keys campaign took place: users were encouraged to withdraw their funds from cryptocurrency exchanges. As a result, problems were identified at many large sites.

Be the first to comment

Leave a Reply

Your email address will not be published.