{"id":79809,"date":"2023-06-06T15:23:18","date_gmt":"2023-06-06T12:23:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79809"},"modified":"2025-09-11T13:09:55","modified_gmt":"2025-09-11T10:09:55","slug":"expert-whales-bought-the-dips-amid-binance-lawsuit","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-whales-bought-the-dips-amid-binance-lawsuit\/","title":{"rendered":"Expert: Whales bought the dips amid Binance lawsuit"},"content":{"rendered":"<p>After the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>&#8216;s lawsuit against the cryptocurrency exchange Binance, the market fell noticeably, and large whales, institutions and venture firms took advantage, according to Lookonchain analysts.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ After the news of <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&#038;ref_src=twsrc%5Etfw\">#SEC<\/a> suing <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a>, Cumberland withdrew 67.9M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> from <a href=\"https:\/\/twitter.com\/hashtag\/Circle?src=hash&#038;ref_src=twsrc%5Etfw\">#Circle<\/a> and deposited 67.1M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> to <a href=\"https:\/\/twitter.com\/hashtag\/Coinbase?src=hash&#038;ref_src=twsrc%5Etfw\">#Coinbase<\/a>.<a href=\"https:\/\/t.co\/DSxYHpIAQ7\">https:\/\/t.co\/DSxYHpIAQ7<\/a><\/p>\n<p>FalconX received 37M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> from <a href=\"https:\/\/twitter.com\/hashtag\/Circle?src=hash&#038;ref_src=twsrc%5Etfw\">#Circle<\/a> and deposited 29.5M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> to <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a>.<a href=\"https:\/\/t.co\/z1i9GAbzi5\">https:\/\/t.co\/z1i9GAbzi5<\/a> <a href=\"https:\/\/t.co\/uqOapBLc4m\">pic.twitter.com\/uqOapBLc4m<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1665977586718248960?ref_src=twsrc%5Etfw\">June 6, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Soon after those claims were made public, Cumberland withdrew $69.7 million from Circle, the issuer of the stablecoin USDC, and then deposited the funds on Coinbase.<\/p>\n<p>The FalconX institutional trading platform also received $37 million from Circle, and then moved $29.5 million to Binance.<\/p>\n<p>Venture firm FBG Capital contributed $44 million to Binance immediately after the news of the SEC&#8217;s lawsuits.<\/p>\n<p>Prominent trader known as SmartMoney also sent a deposit of $15.9 million to Binance. Later he withdrew 8,800 ETH, which he had bought at an average price of $1,808.<\/p>\n<p>At the same time, a major whale withdrew 703,871 USDC and 2.64 million USDT from the DeFi protocol Aave, while buying 1,848 ETH at $1,810.<\/p>\n<p>To show support, NFT whale machibigbrother.eth transferred all of its tokens from the Borde Ape Yacht Club collection worth 2,900 ETH (~$5.2 million) to Binance.<\/p>\n<p>As reported on June 5, 2023, the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">sued<\/a> the cryptocurrency exchange Binance and its CEO Changpeng Zhao. The regulator brought 13 charges, including allegations of selling unregistered securities. In light of the proceedings, the BNB token fell nearly 7%, dragging other assets lower.<\/p>\n<p>Later there were reports that the Commission&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/media-spot-parallels-between-the-secs-case-against-binance-and-the-ftx-saga\">claims were similar to the charges<\/a> brought by the agency against <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the beleaguered crypto exchange FTX<\/a> and its subsidiary Alameda Research.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the SEC&#8217;s lawsuit against the cryptocurrency exchange Binance, the market fell noticeably, and large whales, institutions and venture firms took advantage, according to Lookonchain analysts.<\/p>\n","protected":false},"author":1,"featured_media":79810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1156,128],"class_list":["post-79809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-institutional-investors-and-whales","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79809"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79809\/revisions"}],"predecessor-version":[{"id":79811,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79809\/revisions\/79811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79810"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}