After the lawsuit SEC to the Binance crypto exchange, the market sank noticeably, which was used by large whales, institutional and venture companies, Lookonchain analysts are sure.
— lookonchain (@lookonchain) June 6, 2023
Almost immediately after the claims were made public, over-the-counter cryptocurrency platform Cumberland withdrew $69.7 million from USDC stablecoin co-issuer Circle. The firm then contributed funds to the Coinbase exchange.
Institutional digital asset trading platform FalconX also received $37 million from Circle before transferring $29.5 million to Binance.
Venture capital firm FBG Capital deposited $44 million into Binance immediately following reports of litigation with the SEC.
A large trader under the pseudonym SmartMoney also sent a deposit of $15.9 million to Binance. Later, he withdrew 8800 ETH, which he bought at an average rate of $1808.
At the same time, a large whale withdrew 703,871 USDC and 2.64 million USDT from the Aave DeFi protocol, buying 1,848 ETH at $1,810 in parallel.
As a token of support, the NFT kit machibigbrother.eth transferred all of its tokens from the Borde Ape Yacht Club collection worth 2,900 ETH (~$5.2 million) to Binance.
Recall that on June 5, 2023, the SEC sued the bitcoin exchange and its CEO, Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities. Against the background of the proceedings, the BNB token collapsed by almost 7%, pulling other assets with it.
Reports later emerged that the Commission’s claims were similar to those brought by the agency against the failed crypto exchange FTX and its subsidiary Alameda Research.
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