After the lawsuits filed against Binance and Coinbase, withdrawals from exchanges have increased sharply, reaching $1.2 billion, in the last 24 hours.
The data reveal that, since this Monday, June 5, after hearing the lawsuit against Binance, more than 80 thousand bitcoins (BTC) have been withdrawn from the different exchanges. In the last 24 hours, withdrawals reach 34 thousand BTC.
According to messariin the last 24 hours, only Binance Shows Withdrawals Totaling $691 Millionrepresenting more than 50% of all reported by exchanges.
These withdrawals could be motivated by the lawsuits filed by the Securities and Exchange Commission (SEC) against Binance, and its request to freeze the assets of its subsidiary in the United States, Binance US, as we reported in CriptoNoticias. This situation could be generating fear in people regarding the safety of your funds.
In response to the situation with the SEC and the lawsuits against Binance and Coinbase, Jim Cramer, famous financial journalist for CNBC, mentioned that people should withdraw their funds “right now”. This during an interview with SEC Chairman Gary Gensler. Cramer also recalled the FTX case and how users lost all their deposited funds.
Financial analyst Dr. Marco Metzler also made reference to the current situation, urging people to “withdraw their funds as quickly as possible” considering that the SEC is “attacking Binance”.
Willy Woo, well-known investor and analyst in the field of cryptocurrencies, commented on the situation of Binance and Coinbase, noting that of the 300 million people who use Bitcoin, only around 36.5 million keep their funds in self-custody, which represents less than 12% of the total. Meaning, that barely 1 tenth of Bitcoin users are really protected, before the seizures of governments, in case of freezing the funds deposited in the exchange.