Whale sells 10,000 BNB for $2.3m after two years of dormancy

A major investor swapped 10,000 BNB for $2.3 million in USDT at a price of $230 after two years of “dormancy”. Lookonchain data show.

1/ A whale that has been dormant for 2 years sold 10,000 $BNB ($2.3M) at $230 today.

This whale was a #SAFEMOON whale before and made 110K $BNB ($47.5M at that time) with only 10 $BNB($2,400 at that time) on #SAFEMOON. pic.twitter.com/jxuBJBcWad

— Lookonchain (@lookonchain) June 12, 2023

According to on-chain data, two years ago the whale managed to earn 110,000 BNB (~$47.5m) from trades involving the illiquid SafeMoon token. The investor bought 10 trillion coins for just 10 BNB ($2,400 at the time of the deal). He then sold the assets at the peak and converted the proceeds back into BNB.

In July 2021 he transferred 25,000 BNB to the wallet from which the recent swap was executed. After the operations, the address held 15,000 BNB — about $3.5 million.

The sale came amid the SEC’s lawsuit against Binance. On June 5, the regulator accused the platform of trading unregistered securities.

Over the past week, the price of BNB has fallen 23% — from a high of $300 to a low of $220. At the time of writing, the asset is trading at $231.50, according to data from CoinGecko.

The SEC sought the freezing of Binance US assets. Against this backdrop, the US unit of the crypto exchange announced a halt to dollar deposits and urged clients to withdraw fiat funds by June 13.

On June 6, the commission filed a lawsuit against Coinbase. The regulator also asserts that the platform violated securities laws.

Subsequently, former SEC attorney John Reed Stark urged users to withdraw assets from the platform. In his view, the regulator and crypto exchanges face a long fight, and clients should “stop using them right away”.