Cryptocurrency exchange MEXC faces insolvency suspicions after massive $5.5 billion withdrawals and user fund withdrawal delays. Despite claims of financial health, analysts question transparency. Analysts request verifiable on-chain balances and external verification. Gemini and OKX also experience notable outflows. BTC, SOL, and ETH are major assets moved.

Treasury firms selling Ethereum holdings signal market weakness. Spot Ethereum ETFs record $184 million outflows, with ETHA seeing $120 million. ETH price at risk unless it climbs back above $4,000. Ethereum currently trades at $3,868.74, with a 0.87% increase in the last 24 hours.

Read more at Yahoo Finance: MEXC at Risk of Bankrun Amid Insolvency Rumors