Quick Take
The top 1% of addresses hold roughly 99% of the total supply of BUSD. A similar pattern occurred with the FTT token that was issued by FTX, where the top 1% holds 99% of the supply. Recent scrutiny comes after CFTC filing a lawsuit against Binance. Roughly $14 billion of BUSD has left exchanges since November 2022 — leading to BUSD trading volume dropping to the lowest it has been in eight months.
BUSD Addresses: (Source: Glassnode)
FTX Token: (Source: Glassnode)
BUSD: (Source: Glassnode)
The post The extreme concentration of BUSD: 99% of supply owned by just 1% of addresses appeared first on CryptoSlate.
