To be precise, marketplaces lost $3.1 billion in ether and $864 million in bitcoin. A net outflow means that withdrawals have exceeded incoming deposits.
Crypto traders, frightened by the SEC lawsuits, have withdrawn and continue to withdraw their funds from exchanges en masse.
According to analytics firm Nansen, Binance had a net outflow of $2 billion in Ether within four days of the SEC lawsuit. Coinbase has a net outflow of funds through Ethereum of $1 billion.
Wednesday’s net outflow of 13,953 BTC from the two exchanges was the largest since December last year amid the fallout from the FTX exchange crash.
The SEC has filed a lawsuit against Binance, its US division Binance.US, and CEO Changpeng Zhao for a series of violations of federal securities laws. The lawsuit against Coinbase deals with trading in unregistered securities.
Recently it became known that Binance made significant changes to the terms of service for users of the platform regarding delisted tokens without notice.
Source: Bits
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