{"id":140418,"date":"2023-06-06T10:49:36","date_gmt":"2023-06-06T10:49:36","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=140418"},"modified":"2023-06-06T12:48:40","modified_gmt":"2023-06-06T12:48:40","slug":"binance-witness-negative-netflow-of-roughly-778m-on-eth-blockchain-amidst-sec-attack","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-witness-negative-netflow-of-roughly-778m-on-eth-blockchain-amidst-sec-attack\/","title":{"rendered":"Binance Witness Negative Netflow of Roughly $778M on ETH Blockchain Amidst SEC Attack"},"content":{"rendered":"<p style=\"text-align: justify\">As per crypto analytic firm Nansen, crypto giant, <strong>Binance witnessed a negative netflow of a whopping $778 million on the <a href=\"https:\/\/crypto-economy.com\/what-is-ethereum\/\" target=\"_blank\" rel=\"noopener\">Ethereum (ETH)<\/a> blockchain following the United States Securities and Exchange Commission (SEC) lawsuit against the exchange.<\/strong> <!--more--><\/p>\n<p style=\"text-align: justify\">The SEC filing against Binance had a significant impact not only on digital assets but the balance sheet of Binance as well. According to the <a href=\"https:\/\/pro.nansen.ai\/exchange-flows\" target=\"_blank\" rel=\"noopener\">data <\/a>from Nansen, <strong>the netflow comprises approximately $871 million worth of assets that inflowed onto the exchange while $1.6 billion worth of assets went out of the exchange. <\/strong>On June 6, Nansen took to Twitter to reveal the predicament, citing,<\/p>\n<p style=\"text-align: center\"><em>&#8220;Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum &#8211; $871.7M in and $1.65B out Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum &#8211; $14.8M in and $50.5M out.&#8221;<\/em><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum &#8211; $871.7M in and $1.65B out<\/p>\n<p>Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum &#8211; $14.8M in and $50.5M out<\/p>\n<p>Track it here <a href=\"https:\/\/t.co\/nwTgpXWhZY\" target=\"_blank\">https:\/\/t.co\/nwTgpXWhZY<\/a> and filter for &quot;Binance&quot; <a href=\"https:\/\/t.co\/jnNAN0QKVy\" target=\"_blank\">pic.twitter.com\/jnNAN0QKVy<\/a><\/p>\n<p>&mdash; Nansen \ud83e\udded (@nansen_ai) <a href=\"https:\/\/twitter.com\/nansen_ai\/status\/1665999474685284353?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\">Binance Balance Sheet Sees Substantial Drop<\/h2>\n<p style=\"text-align: justify\"><strong>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.<\/strong><\/p>\n<p style=\"text-align: justify\">In addition, Binance\u2019s reserve assets also had a net outflow of approximately $1.4 billion, accounting for almost 2.6% of its total reserve assets of $52.9 billion. Meanwhile, in the same time period, Binance&#8217;s U.S. affiliate exchange registered net outflows of $13 million.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Here are the top depositors and withdrawers in the past hour<\/p>\n<p>You can find them by going to &quot;Exchange Flows&quot;, &quot;Wallets&quot; and then scrolling down to &quot;All Wallets&quot; <a href=\"https:\/\/t.co\/gDnXn6RJRB\" target=\"_blank\">pic.twitter.com\/gDnXn6RJRB<\/a><\/p>\n<p>&mdash; Nansen \ud83e\udded (@nansen_ai) <a href=\"https:\/\/twitter.com\/nansen_ai\/status\/1665999491152117761?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The SEC vs Binance feud has rattled the entire crypto ecosystem with Bitcoin (BTC) plunging below the $26K level.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Its largest peer, Ethereum (ETH) also slipped 2.77% in the last 24 hours but remained above $1,800 levels. The majority of altcoins were in deep red, falling in tandem.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">The lawsuit against the largest cryptocurrency exchange also impacted other crypto outfits as well.<\/span><\/strong><\/p>\n<p style=\"text-align: justify\">Coinbase Global Inc witnessed a significant drop of 10.3% in its share value. Similarly, MicroStrategy, a company renowned for accumulating Bitcoin (BTC) also experienced a significant drop in its shares, declining nearly 9% to $276.36 per share.<\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Furthermore,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Bitcoin mining stocks including Riot Platforms, Marathon Digital Holdings, and Bitfarms Ltd have also suffered significant losses<\/span><\/strong><span data-preserver-spaces=\"true\">. Specifically, Riot Blockchain and Marathon Digital both sank more than 9%, while Bitfarms declined more than 6%.<\/span><\/p>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-140432 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612.jpg\" alt=\"Binance Balance Sheet Sees Substantial Drop after SEC assault\" width=\"825\" height=\"301\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/06\/War-on-Crypto-e1686047829612-768x280.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2 style=\"text-align: justify\">War on Crypto will have Devastating Impact<\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">It seems the SEC has taken its war against the digital assets industry to a new level.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">After targeting numerous crypto-focused companies over the past few months, the regulatory agency has now filed a suit against Binance, accusing the exchange giant of violating securities laws.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Owing to this organized cleansing of the crypto sector, John Reed Stark, a former chief of the SEC&#8217;s Office of Internet Enforcement\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/markets\/us\/crypto-shares-tumble-after-us-sec-charges-binance-with-securities-law-violations-2023-06-05\/\" target=\"_blank\" rel=\"noopener\" data-wplink-edit=\"true\"><span data-preserver-spaces=\"true\">noted<\/span><\/a><span data-preserver-spaces=\"true\">,<\/span><\/p>\n<p style=\"text-align: center\"><em> &#8220;This is yet another targeted attack that is devastating in the crypto ecosystem. Pretty soon, the SEC won\u2019t have anyone left to sue.&#8221;<\/em><\/p>\n<p style=\"text-align: justify\">The latest development between Binance and SEC has spooked the global crypto market resulting in a bloodbath across digital assets. <strong>It is likely the market will continue to <a href=\"https:\/\/crypto-economy.com\/cryptocurrency-giants-unite-against-sec-attack-on-binance\/\" target=\"_blank\" rel=\"noopener\">respond<\/a> sharply as the Binance-SEC saga unfolds.<\/strong> In a statement, Shivam Thakral, CEO of BuyUcoin suggested,<\/p>\n<p style=\"text-align: center\"><em>&#8220;We should brace ourselves for a choppy market in the coming weeks. Regulatory clarity is the need of the hour for the global crypto ecosystem.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per crypto analytic firm Nansen, crypto giant, Binance witnessed a negative netflow of a whopping $778 million on the Ethereum (ETH) blockchain following the United States Securities and Exchange Commission (SEC) lawsuit against the exchange.<\/p>\n","protected":false},"author":21,"featured_media":140439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,74],"tags":[4601,5437,4816],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140418"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=140418"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/140418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/140439"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=140418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=140418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=140418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}