Keith sells $2.3 million worth of BNB after two years of inactivity

What is Binance?
What is Binance?

A major investor traded 10,000 BNB for 2.3 million USDT at $230 after two years of hibernation. This is evidenced by Lookonchain data.

According to on-chain data, two years ago, the whale managed to earn 110,000 BNB (~$47.5 million) on trades with the low-liquid SafeMoon token. The investor bought 10 trillion coins for just 10 BNB ($2,400 at the time of the transaction). He then sold the assets at their peak value and converted the proceeds back to BNB.

In July 2021, he transferred 25,000 BNB to the wallet from which he made his recent exchange. After the operations, 15,000 BNB remained on the user’s address – approximately $3.5 million.

The sale comes amid a US Securities and Exchange Commission (SEC) lawsuit against Binance. On June 5, the regulator accused the platform of trading unregistered securities.

Over the past week, the BNB rate has fallen by 23% from a high of $300 to a low of $220. At the time of writing, the asset is trading at $231.5, according to data from CoinGecko.

Binance BNB/USDT 30-minute chart. Data: Trading View.

Recall that the SEC demanded the freezing of assets of Binance US. Against the background of the proceedings, the American division of the crypto exchange announced the suspension of deposits in dollars and recommended that customers withdraw fiat funds by June 13

On June 6, the Commission filed a lawsuit against Coinbase. The agency also alleges that the platform violated securities laws.

Later, former SEC lawyer John Reed Stark called for the withdrawal of assets from the platforms. In his opinion, the department and crypto-exchanges will have a long struggle, and clients should “now refuse” to use them.

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