Users Withdraw $778M From Binance on Ethereum Blockchain
The US Securities and Exchange Commission’s (SEC) lawsuit against Binance on June 5 had an expansive impact on the crypto market, as well as the balance sheet of the crypto exchange.
A recent analysis conducted by crypto analytics firm Nansen reported an alarming $778 million negative netflow of assets from Binance on Ethereum blockchain.
Specifically, it was found that $871 million of assets had been added to the exchange while over $1.6 billion was withdrawn within the same period.
As of the first 24 hours post-SEC lawsuit, it was further found that over $14.8 million was added to Ethereum-based tokens, and a staggering $50.5 million was withdrawn.
To put further perspective, it is also worth noting that Binance’s reserve assets experienced a $1.4 billion outflow, within the first hour of SEC news breaking, accounting for 2.6% of its total reserve assets valued at $52.9 billion.
