A major holder of Binance’s native token, BNB, has resurfaced after two years and made a significant profit by selling 10,000 BNB tokens at an average price of $230 each. This move showcases an intriguing change in crypto whales’ strategies. Despite the sale, the whale still retains 15,000 BNB valued at $3.5 million.
The whale’s financial maneuvers began two years ago when they initially bought 10 BNB tokens at $240 each and exchanged them for a massive 100 trillion SafeMoon tokens. Most of these were later sold, resulting in an impressive accumulation of 110,000 BNB, worth $47.5 million at that time.
This sale comes at a critical moment for Binance, the leading cryptocurrency exchange globally. Recently, the SEC filed multiple lawsuits against Binance, its U.S. arm Binance.US, and the exchange’s owner, Changpeng Zhao.
Binance firmly denies these allegations and expresses disappointment in the SEC’s decision to pursue litigation instead of pursuing a negotiated settlement. The company vows to vigorously defend its platform, criticizing the SEC’s regulatory approach for lacking the necessary understanding of the dynamic and complex crypto landscape.
The lawsuit has triggered a massive outflow of funds from Binance, with investors withdrawing an astonishing $791.6 million from the exchange within a 24-hour period.
According to CCData, the SEC’s lawsuit has significantly impacted the liquidity of both Binance and its U.S. counterpart, Binance.US. The liquidity of Binance’s BTC-USD trading pair declined by 65.6% since January, while Binance.US experienced an 85% decline.
Meanwhile, Coinbase, another major crypto exchange, witnessed a minor decline in liquidity of 5.18% by June 10, according to the latest data available.
