Key Points:
According to 0xScope, when the SEC sued Binance, its reserve assets had a net outflow of around $1.4 billion within 1 hour (14-15 UTC, June 5), accounting for 2.6% of its total reserve assets of $52.9 billion.
Blockchain data suggests that the exchange had $503 million in net withdrawals on Monday, according to a Dune Analytics report by crypto investment product provider 21Shares. The figure shows that traders have withdrawn more than $1 billion in digital assets over this time period, compared to $546 million in deposits.
The whole cryptocurrency market is down on the news, with most coins falling by 5%-10%. After the SEC’s lawsuit against the exchange and its CEO, altcoins have suffered the worst losses.
Although outflows are increasing, this is not necessarily unusual. In February, Binance had over 800 million net withdrawals in a 24-hour period when New York state officials clamped down on Binance-related stablecoin BUSD.
The SEC on Monday accused Binance, the world’s biggest cryptocurrency exchange, of mishandling client cash and lying to US authorities and investors about its operations in a broad lawsuit that has the potential to reshape the crypto landscape of power and riches.
According to the SEC, the world’s biggest cryptocurrency exchange covertly moved billions of dollars in client assets to a separate company owned by Binance’s founder, Changpeng Zhao.
In the 136-page complaint, the agency claimed that Binance had covertly transferred billions of dollars in consumer cash to a second business, Merit Peak Limited, which is owned by CZ.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…
The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…
UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…
a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…
Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…
This website uses cookies.