A Binance Coin BNB/USD whale has cashed out a part of their holdings for the first time in two years, garnering significant profits from the sale.
What Happened: According to the on-chain analyst account Lookonchain, the whale sold off 10,000 BNB tokens at $230 each, earning profits totaling $2.3 million and still holding 15,000 coins worth approximately $3.5 million.
The whale had accumulated BNB tokens two years ago when they had traded 10 BNB for 100 trillion SafeMoon tokens, most of which were eventually dumped for 110,000 BNB.
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: The sale comes amid tense regulatory scrutiny of Binance, the world’s largest cryptocurrency exchange by trading volume.
Last week, the Securities and Exchange Commission (SEC) sued Binance, Binance.US, and its owner, Changpeng ‘CZ’ Zhao. The regulator has also alleged that the exchange has been breaking securities laws, and even classified BNB as a security.
Price Action: At the time of writing, BNB was trading at $235, up 4.14% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of CPI Data: Analyst Sounds ‘Mayday’ After Crypto Market Slips Below This Key Indicator
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
