The SEC lawsuit against Binance has led to over $750 million in Ethereum over the past 24 hours.
The lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance, accusing the exchange of violating various securities laws, directly affected the crypto market and the stock market’s balance sheet. According to data from crypto analytics firm Nansen, Binance has seen over $778 million in negative net flows on the Ethereum blockchain, with $871 million in inflows overshadowed by $1.6 billion exiting the exchange.
Decreasing Confidence in Binance Leads to Preference for OKX
Binance’s reserve assets saw a net outflow of nearly $1.4 billion in the first hour after news broke of the SEC’s impeachment, or 2.6 percent of its total reserve assets of $52.9 million.
Fund outflow from Binance across all protocols reached $999 million in the last 24 hours. On the other hand, waning trust in Binance OKXhas helped make .
Commodity Futures Trading Commission Compared to the lawsuit filed by Binance in March, the last net outflow was substantial but smaller. The same is true for December 2022, when Binance had big breakouts following FTX’s bankruptcy. Additionally, net outflows are still lower than the stock’s reserve. Binance currently has a stablecoin balance of over $8 billion.
Alongside the exits on Ethereum, Binance is the biggest from the platform since FTX bankruptcy. bitcoin He saw his exit. More than 20,000 BTC have been withdrawn from the exchange in the last 24 hours.
CryptoQuantData shared by SEC revealed that total user transactions to withdraw funds increased after the SEC’s filing.
