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The SEC’s 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 crypto exchange’s balance sheet.
According to statistics Shared by crypto analytical firm Nansen, Binance saw a negative net inflow of $778 million on the Ethereum blockchain, where $871 million worth of assets flowed into the exchange, while $1.6 billion worth of assets left the exchange.
Even in the first 24 hours following the SEC lawsuit, the Ethereum-based token saw a negative net inflow, where in the last hour, $14.8 million worth of assets moved in, and $50.5 million worth moved out of the exchange.
There was a net outflow of nearly $1.4 billion in Binance’s reserve assets within the first hour of news of the SEC lawsuit, which was 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.
