A long-absent BNB whale has returned to the crypto scene, selling a portion of their holdings and pocketing a substantial profit.
Having liquidated 10,000 BNB tokens at an average price of $230 each, the whale’s transactions resulted in a lucrative $2.3 million windfall. Despite the divestment, the whale retains 15,000 BNB tokens valued at $3.5 million in their wallet.
Summary: Delving into the past, this section uncovers the whale’s initial strategic move, where they acquired 10 BNB tokens for $240 each. Notably, these tokens were later exchanged for an astounding 100 trillion SafeMoon tokens.
Although a significant portion of the SafeMoon tokens were subsequently sold, the whale amassed an impressive stockpile of 110,000 BNB, valued at $47.5 million at the time.
Summary: Amidst the whale’s reappearance, Binance, the world’s top cryptocurrency exchange by trading volume, finds itself entangled in a legal battle with the SEC.
The regulatory body filed a lawsuit against Binance, its U.S. counterpart Binance.US, and Changpeng Zhao, the exchange’s owner.
The allegations encompass illegal exchange operations, sale of unregistered securities, trading volume manipulation, and misappropriation of customer funds.
Summary: In response to the SEC lawsuit, Binance has strongly denied the allegations and expressed disappointment in the abandonment of settlement discussions.
The company pledges to defend its platform vigorously, criticizing the SEC’s regulatory approach for lacking the necessary comprehension of this dynamic and complex technology.
Furthermore, the lawsuit has had profound consequences on Binance’s liquidity, prompting a massive outflow of funds. Investors withdrew an astonishing $791.6 million from Binance within a 24-hour period, highlighting the market’s reaction to the legal proceedings.
