Key Insights:
- The crypto market panicked after a viral tweet claimed $17 billion left Binance in 7 days.
- OKLink blockchain verification showed only $343.8 million in actual net outflows.
- CoinGlass data mixed price value changes with real withdrawals, inflating the number 50 times.
A tweet went viral on Feb. 11, claiming $17 billion left Binance in 7 days. Screenshot from CoinGlass, a crypto data platform. The post exploded. Over 100,000 views. Nearly 2,000 likes. People compared it to the FTX collapse. Then, OKLink checked the blockchain directly.
The real number was $343.8 million in outflows. The viral claim was off by 50 times.
Viral Post Says $17B Left Binance
The tweet came from Darky1k. It said, “People mass withdrawing from Binance -17 billions in the last 7 days Insane.” CoinGlass screenshot attached. Big red numbers. Negative $17.20 billion in 7 days. Negative $3.76 billion in 24 hours.
Comments piled up fast. Some called Binance a criminal exchange. Others said it is a scam. Another compared it straight to the FTX final days.
Timing made it worse. The crypto market was already weak. Bitcoin price dropped hard from recent highs. Liquidations hit across exchanges.
Sentiment was terrible. A number showing $17 billion fleeing the biggest exchange fit the fear perfectly. The tweet did not explain what the numbers meant. Just showed big negatives and said withdrawals. Most people do not know the difference between value change and actual flow.
OKLink Shows Real Binance Outflows Were $343.8M
CoinGlass tracks exchange balances. But their numbers mixed two different things. Actual withdrawals where coins moved and value changes from price drops. When Bitcoin price falls, the dollar value of Bitcoin sitting on Binance falls too. That shows as negative. No coins moved anywhere.
OKLink tracks blockchain transactions directly. Every deposit to Binance shows on-chain. Every withdrawal shows on-chain. Real math. For 7 days ending Feb. 12, Binance had $343.8 million in net outflows. Actual coins leaving.
Do the division. $17 billion divided by $343.8 million equals roughly 49.4. Round it, and you get 50. The viral number was inflated 50 times.
DefiLlama posted on Feb. 11 that they disabled Binance inflow data. Missing data on small chains was the problem. They were fixing it. The data error was real and hit multiple platforms.
Some of the $17 billion was real outflows. Most of it was just crypto prices falling. Assets lost value sitting in wallets. CoinGlass data does not clearly separate the two. So, it looks terrifying when most of it is just a market correction.
Crypto Market Concerns Spread Faster Than Data Verification
Binance responded 90 minutes later. Official statement posted. Blamed third-party data errors at CoinGlass and DefiLlama. Provided verification links. OKLink for flows. Proof of reserves for balances. CoinMarketCap for total assets.
The response was professional. Damage already done. The $17 billion claim spread everywhere. Multiple posts with hundreds of thousands of views repeated it. Corrections reach fewer people. Initial panic sticks even after facts prove it wrong.
This shows how fear moves in the crypto market. Bad data during volatility gets amplified instantly. Truth comes slower. Reaches fewer people. $343.8 million sounds boring next to $17 billion. Boring does not go viral.
Binance proposed an annual Withdrawal Day. One day, when everyone tests withdrawals across all exchanges. Proves reserves are real. Builds confidence through verification. Reasonable idea for an industry built on trust. Whether anyone adopts it is a different question.
The crypto market moved on by Feb. 12. Panic faded. Binance operated normally. No bank run happened. But the episode showed how fast bad information spreads when fear is already present.