Binance, the world’s largest cryptocurrency exchange, is struggling to hold onto assets. Following the collapse of rival exchange FTX, investors have been withdrawing their cryptocurrencies in recent weeks, and despite assurances from CEO Changpeng Zhao that the situation has stabilized, the outflow of funds is accelerating. According to Defillama, a cryptocurrency data firm, customers withdrew $360 million on January 6, Forbes reported.

On December 13, Nansen, a cryptocurrency data firm, reported that Binance had lost $3 billion in assets in the previous week, which was 4% of the company’s total assets at the time. A Forbes USA investigation revealed that Binance actually lost 15% of its assets almost immediately after Zhao (commonly known as CZ) tweeted (NYSE:TWTR) that he had understated the size of the withdrawal from the Nansen report. Nevertheless, nearly a quarter of Binance’s assets have been withdrawn from the exchange in less than two months.

Investor distrust is best exemplified by Binance Coin (BNB) and Binance USD (BUSD), the two tokens bearing the exchange’s name. BNB has lost 29% of its value over the past two months, and Forbes USA estimates that Binance has about 29 million tokens remaining, 51% less than what the exchange announced on Nov. 10. Meanwhile, the number of BUSD stablecoins on the exchange has dropped by 40%.

There are more subtle developments that are causing Binance to lose credibility and its influence. While net assets have fallen 24% since November, investors of high-profile tokens such as matic, ape and gala have seen their holdings on the exchange drop by 40-50%.