$1,280,000,000 in Crypto Yanked Out of Coinbase Amid SEC Lawsuit Against the US Exchange: On-Chain Data

Blockchain data and research firm Nansen says that hundreds of millions of dollars exited the Coinbase group in the wake of a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

According to Nansen, Coinbase and the exchanges custodial arm recorded negative netflows, the sum of deposits and withdrawals, of approximately $1.28 billion after the SEC move.

“As we write, the SEC has announced that it is suing Coinbase. Looking at on-chain centralized exchange data, it shows that Coinbase + Coinbase custody have negative netflows of $1.28 billion.”

Source: Nansen/Twitter

The Blockchain data and research firm says that among the top-three wallets withdrawing from Coinbase were two addresses belonging to two institutional investors.

“The top three wallets in terms of net withdrawals in the past 24 hours belong to Cumberland and Brevan Howard Digital, two leading institutional investors.”

Source: Nansen/Twitter

Turning to Binance, Nansen says that the worlds largest crypto exchange by volume has also recorded negative netflows amid an SEC lawsuit filed earlier.

Nansen says that approximately $1.43 billion, less than 10% of the exchanges total funds on known addresses, left Binance in the 24 hours that followed the announcement of the SEC lawsuit.

“It’s been 24 hours since the SEC sued Binance. Binance users have withdrawn over $3 billion across multiple chains since the announcement, resulting in $1.43 billion negative netflow as of 3pm UTC today

While the sum of the negative netflow is high, Binance still holds over $54 billion across their known wallets, and $17 billion on Ethereum. Ethereum withdrawals represent <10% of total funds across known wallets, but this number is lower when accounting for other chains and addresses.”

Source: Nansen/Twitter

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This article was originally reported on The Daily Hodl.