Binance funds moving out! $1 billion in assets withdrawn in a single day; SEC lawsuit triggers $300 million market liquidation.

The U.S. Securities and Exchange Commission (SEC) filed charges against the cryptocurrency exchange Binance and its founder CZ in the early hours of today, listing multiple violations of securities laws. Following the exposure of this news, apart from causing a general crash in the cryptocurrency market, it also led to a significant outflow of assets from Binance.

Significant Outflow of Assets from Binance

According to data from DeFiLlama here, approximately $1 billion in assets flowed out of Binance in the past 24 hours, accounting for about 1.7% of its total assets. Binance's current total assets are around $60 billion.

Furthermore, other major exchanges experienced significant inflows of funds during this period, with OKX seeing the highest inflow, receiving around $200 million in assets in 24 hours. Bitfinex and Crypto.com also saw inflows of approximately $48 million and $60 million, respectively.

Market Impact of Binance Incident, Contract Liquidations Exceed $300 Million

According to data from Coinglass here, the contract market witnessed a significant amount of liquidations in the past 24 hours, totaling around $300 million, with long positions accounting for 92%.

Additionally, Bitcoin contracts had the highest liquidation amount at $112 million, followed by ETH at $37.69 million.