One of the most massive cryptocurrency withdrawals recorded on Binance and Coinbase. This is the largest withdrawal flow since December last year amid the fallout from the collapse of the FTX exchange.
Both cryptocurrency exchanges have lost a total of $3.1 billion in Ether and $864 million in Bitcoin, and the withdrawals continue.
Since the start of the lawsuits and subsequent takeovers by the US Securities and Exchange Commission (SEC) against Binance and the cryptocurrency exchanges, users have been withdrawing their funds. The latest data from Nansen and Glassnode showed that Binance and Coinbase lost about $4 billion in less than a week. A net outflow means that withdrawals have exceeded deposits.
The SEC filed a lawsuit against Binance, its U.S. division Binance.US, and CEO Changpeng Zhao for a series of violations of federal securities laws. The lawsuit against Coinbase is about trading in unregistered securities.