As the SEC's pressure on the cryptocurrency industry continues unabated, the SEC has sued many cryptocurrency platforms for providing staking services.
In this context, the SEC sued Kraken for providing staking services. Kraken, which made an agreement with the SEC, stopped its staking services in the USA.
The SEC also warned many exchanges after Kraken, one of them was Coinbase.
The SEC sent the Wells Notice to Coinbase, the largest US cryptocurrency exchange, indicating that a lawsuit is likely in the future.
While the SEC did not make a move after the Wells Notice, Chinese journalist Wu Blockchain stated that there were 53,000 Ethereum entries on Coinbase.
Wu Blockchain, reviewing CryptoQunat's data, wrote:
"More than 53,400 ETH entries were received on Coinbase today. Of these ETHs, 44,000 ETH was transferred to Coinbase 10 from Coinbase's cbETH deposit address 0xc7…a019."
While the exact reason for the transaction between Coinbase wallets is unknown, crypto experts think that these transactions may consist of transactions between internal wallets or may have occurred as a result of Coinbase canceling staking transactions.
Wu Blockchain stated that the Ethereum transfer between Coinbase wallets may be due to the cancellation of my ETH staking transactions.
According to CryptoQuant, Coinbase had more than 53,400 ETH inflows today, of which 44,000 ETHs were transferred from the Coinbase cbETH deposit address 0xc7…a019 to Coinbase 10, which may be due to the cancellation of ETH staking. https://t.co/VX4gKXjsMR pic.twitter.com/LxgKpe5u3Z
— Wu Blockchain (@WuBlockchain) May 15, 2023
*Not investment advice.