Binance Witnesses Over $1 Billion Outflow in 24 Hours Following SEC Lawsuit, Despite Massive 44M USDT Deposit
SEC vs Binance Lawsuit Triggers Cryptocurrency Market Turmoil: $52.7 Billion Lost in One Hour:Â The impact of the SEC vs Binance lawsuit has reverberated through the cryptocurrency market, leading to significant consequences. In a startling development, the market experienced a staggering loss of nearly $52.7 billion within just one hour following the lawsuit announcement on Monday. Adding to the turmoil, recent data from Nansen reveals that over the course of the past 24 hours, Binance witnessed Ethereum withdrawals surpassing deposits by a substantial margin of $778.6 million. These events highlight the disruptive influence of the lawsuit, contributing to a climate of uncertainty and volatility in the crypto space.
Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum – $871.7M in and $1.65B out
Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum – $14.8M in and $50.5M out
Track it here https://t.co/nwTgpXWhZY and filter for "Binance" pic.twitter.com/jnNAN0QKVy
— Nansen 🧠(@nansen_ai) June 6, 2023
Massive Withdrawals: Traders Pull Out $1.65 Billion from Binance Amid SEC Lawsuit:Â On-chain data reveals a significant exodus of funds from Binance, with traders withdrawing approximately $1.65 billion from the exchange. In contrast, the 24-hour deposit record stood at $871.7 million. These substantial net outflows bring Binance closer to reaching its highest peak since Q1 2023. Notably, a similar scenario occurred in February during the Paxos BUSD lawsuit, when the exchange experienced one of its largest net outflows. The ongoing SEC lawsuit continues to impact Binance’s operations and instill uncertainty in the crypto market.
Crypto Market Hit by Price Drops as 60 Cryptocurrencies Face Securities Tag:Â The crypto landscape witnessed a series of price drops throughout the day, triggered by the classification of 60 cryptocurrencies as securities. This regulatory clash has brought forth numerous unfavorable consequences for the industry. Amidst the escalating outflows, one particular transaction by a whale drew significant attention. Notably, the transaction involved a substantial inflow of 44 million USDT, the largest stablecoin, to Binance shortly after the regulatory filing. The implications of these developments continue to shape the crypto market, highlighting the ongoing challenges and uncertainties faced by participants.
Also Read This Related:Â SEC vs. Binance: The Battle Between Regulators and a Crypto Giant
In a noteworthy move during the midnight Greenwich hours on Monday, a prominent whale executed substantial USDT acquisitions. The whale managed to scoop up 35 million USDT from Binance, 9 million USDT from OKX, and an additional 5 million USDT from an anonymous wallet. The USDT holdings were then bridged to the exchange, as confirmed by data on etherscan. This strategic maneuver highlights the whale’s significant involvement in the market and underscores the ongoing dynamics of USDT transactions within the crypto space.
Before the #SEC sued #Binance news reported, @FBGCapital withdrew 35M $USDT from #Binance and 9M $USDT from #OKX.
After the #SEC sued #Binance news reported, @FBGCapital deposited all 44M $USDT to #Binance.@cz_binance https://t.co/iM6onJW6td pic.twitter.com/ef4UjlXSWA
— Lookonchain (@lookonchain) June 6, 2023
FBG’s Contrasting Move Earns Gratitude from Binance CEO CZ:Â In a notable contrast to the actions of other traders and investors, FBG’s recent move garnered appreciation from Binance CEO CZ. The specific details of FBG’s action and its impact on the market remain undisclosed, but CZ’s expression of gratitude suggests that FBG’s decision was aligned with Binance’s interests or had a positive influence on the platform. This acknowledgement highlights the importance of strategic partnerships and collaborative efforts within the crypto ecosystem.
Important:Â This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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