Binance sees $778M net outflows on Ethereum blockchain amid SEC charges: Nansen
The SEC lawsuit against Binance led to an outflow of over $700 million worth of assets on Ethereum in the past 24 hours with outflows from the exchange still dominating inflows.
264 Total views
1 Total shares
![Binance sees $778M net outflows on Ethereum blockchain amid SEC charges: Nansen](https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=1434/https://s3.cointelegraph.com/uploads/2023-06/bf37dbf1-43d0-4228-9519-3770619b7763.jpg)
The SEC lawsuit against Binance on June 5, accusing the crypto exchange of violating various securities laws, had a direct impact on the crypto market as well as the balance sheet of the crypto exchange.
According to data shared by crypto analytic firm Nansen, Binance saw a negative netflow of $778 million on the Ethereum blockchain, where $871 million worth of assets inflowed onto the exchange while $1.6 billion worth of assets went out of the exchange.
Even 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.
![](https://s3.cointelegraph.com/uploads/2023-06/c6fd6caf-5840-4c3f-8e40-c90e3ae08c44.png)
Binance’s reserve assets had a net outflow of approximately $1.4 billion within the first hour of SEC lawsuit news, accounting for 2.6% of its total reserve assets of $52.9 billion.
This is a developing story, and further information will be added as it becomes available.