As the US Securities and Exchange Commission (SEC) unveiled a legal case against Binance, some users have been trying to get their assets out of the exchange.
Data provided by Whale Alert shows that a whale deposited 115.27 million polygon tokens (MATIC) to BinanceUS. The assets were worth roughly $95.45 million at the time of the transaction.
???? ???? ???? ???? 115,270,000 #MATIC (95,455,693 USD) transferred from unknown wallet to #BinanceUShttps://t.co/AmLLARmKtx
— Whale Alert (@whale_alert) June 6, 2023
However, the SEC requested a US federal judge to freeze all the Binance US assets, which caused a notable rise of FUD (fear, uncertainty and doubt) in the industry.
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As the negative news around BinanceUS emerged, two whales withdrew 76.47 million MATIC coins from the exchange’s US subsidiary.
???? ???? 52,052,832 #MATIC (42,082,720 USD) transferred from #BinanceUS to unknown wallethttps://t.co/BVAuWnyIsD
— Whale Alert (@whale_alert) June 7, 2023
The first whale transferred 24.42 million tokens, worth $19.74 million at the time of the transaction, from the exchange to an unknown wallet. Moreover, the second whale withdrew a whopping 52.05 million coins, worth roughly $42.08 million, from BinanceUS to another unknown wallet.
???? 24,422,457 #MATIC (19,748,379 USD) transferred from #BinanceUS to unknown wallethttps://t.co/wdfUJXZ5Bb
— Whale Alert (@whale_alert) June 7, 2023
Furthermore, the recent FUD around Binance and the SEC has caused a stir, and data shows that whales are selling more than they’re buying.
According to WhaleStats, the top 100 Ethereum (ETH) whales have bought around $184 million worth of crypto assets in the past 24 hours, while their selling volume reaches $214 million.
Read more: CNBC’s Jim Cramer advises exit from crypto, cites high scam potential
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