The SEC lawsuit against Binance led to an outflow of over $700 million worth of assets on Ethereum in the past 24 hours with outflows from the exchange still dominating inflows.
The SEC lawsuit against Binance on June 5, accusing the crypto exchange of violating various securities laws, had a direct impact on the crypto market as well as the balance sheet of the crypto exchange.
According to data shared by crypto analytic firm Nansen, Binance saw a negative netflow of $778 million on the Ethereum blockchain, where $871 million worth of assets inflowed onto the exchange while $1.6 billion worth of assets went out of the exchange.
Even in the first 24 hours following the SEC lawsuit, Ethereum-based tokens have seen a negative netflow, where in the past hour, $14.8 million worth of assets flowed in, and $50.5 million worth of assets went out of the exchange.
Binance’s reserve assets had a net outflow of approximately $1.4 billion within the first hour of SEC lawsuit news, accounting for 2.6% of its total reserve assets of $52.9 billion.
This is a developing story, and further information will be added as it becomes available.
