$2.36B Exodus from Binance

Data from analytics platforms Nansen and DefiLlama reveals a surge in crypto asset outflows from Binance over the last week, following the announcement of a Securities and Exchange Commission lawsuit against the firm. Nansen noted a net outflow of $2.36 billion, and DefiLlama reported $3.35 billion in outflows from Binance. In response to these figures, Binance CEO Changpeng Zhao argued via a Twitter post that these outflow data could be skewed, stating that outflows over the last 24 hours on June 9 were around $392 million, significantly lower than the $7 billion one-day outflow recorded in November of the previous year. Zhao maintains that such fluctuations are normal in volatile times. Since the SEC's lawsuits against Binance and Coinbase, the total crypto market capitalization has decreased by over $80 billion.