Binance lists massive drains after SEC complaint: data
Binance lists massive drains after SEC complaint: data
The world's largest crypto exchange Binance records considerable net drains, since thousands of crypto dealers after the recent complaint from the US stock exchange supervisory authority Securities and Exchange Commission (SEC) withdraw their funds from the platform.
According to the ON-Chain data of the blockchain analysis platform Cryptoquant, Binance recorded on the first day after the lawsuit submitted a net outflow of 11,380 BTC. Since Bitcoin is traded at $ 25,739 at the time of writing, this means a BTC outflow of a whopping $ 292.9 million.
The data from Cryptoquant also showed that the net outflow of Ether (Eth) 91.223 had reached, which corresponds to a value of around $ 165.4 million in the case of current market prices. The massive drains are an attempt by investors to avoid any counterparty risks that result from the SEC lawsuit against Binance.
Interestingly, Nansen also confirmed the larger number of ETH withdrawals, but the actual numbers differ slightly.The net inflow to binance in the last 24 hours at Ethereum by $ 778.6 million is negative-$ 871.7 million in and $ 1.65 billion out
In the last hour, the net inflow at Ethereum was still negative at $ 35.7 million-$ 14.8 million inflow and $ 50.5 million outflow
Follow it here https://t.co/nwtgpxwhzy and filter according to "Binance" pic.twitter.com/jnnan0qkvy
- nansen 🧭 (@nansen_ai) 6. June 2023
not the worst
However,cryptoquant stated that the recent increase in binance is relatively higher than the amount recorded by the stock exchange after being sued by the CFTC in mid -March, but they are lower than some other significant drains.
The report referred to the time of the “regulatory fud” after the collapse of FTX, in the Binance in one day net drains of 40,353 BTC worth over $ 690 million. Between December 10 and 16, 2022, the stock exchange recorded net drains in BTC in the amount of $ 1.4 billion. The ETH drain also reached its climax at this time.
SEC lawsuit solves panic
The latest drains result from the recent claims of the Sec that Binance and his managing director Changpeng Zhao would have violated several Federal Working Act.
In the lawsuit submitted on Monday, it was pointed out that the American subsidiary Binance .us of the stock exchange without approval did not sell crypto value papers, including BNB and BUSD token.
Among the many allegations, the SEC also claimed that the stock exchange of customer funds had moved and mixed incorrectly and that CZ “secretly” kept control of binance.
While Binance has rejected the claims of the SEC, the effect of the lawsuit has already triggered new panic at the cryptomarkt, since BNB and other important assets are noted in the minus
.