To be precise, trading floors lost $3.1 billion in ethers and $864 million in bitcoins. Net outflows mean that withdrawals exceeded incoming deposits.
Crypto traders, spooked by SEC lawsuits, have withdrawn their funds from exchanges en masse and continue to do so.
According to analyst firm Nansen, Binance had a net outflow of $2 billion in ethers within four days of the SEC lawsuit. Coinbase had a net outflow of $1 billion through Etherium;
Wednesday’s net outflow of 13,953 BTC from the two exchanges was the largest since last December amid the aftermath of the FTX exchange collapse.
The SEC sued Binance, its U.S. unit Binance.US and chief executive 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, without notification, made significant changes to the terms of service of the platform’s users, which relate to the delisted tokens.