As the SEC continues to increase its pressure on the crypto industry, it has recently sued leading exchanges Binance and Coinbase.
In this case, the SEC claimed that Binance's native token, Binance Coin (BNB), was a security, resulting in a nearly 25% drop in BNB.
While these were happening on the BNB front, cryptocurrency platform Lookonchain said that a whale sold BNB worth $2.3 million after two years.
Stating that a BNB whale has liquidated some of its BNB holdings after two years of sleep amid ongoing regulatory pressure, Lookonchain announced that the whale has sold 10,000 BNB at $230.
Lookonchain said the whale still has 15,000 BNB in its wallet worth about $3.5 million.
"A whale that has been dormant for 2 years sold 10,000 BNB ($2.3 million) today at $230."
Lookonchain stated that this whale is a SafeMoon (SAFEMOON) whale.
Whale sent 10 BNB to Safemoon in June 2021 and received 100T SAFEMOON with these 10 BNBs. These SAFEMOONs totaled 110,000 BNB (47.5 million at the time). Then the whale sold most of SAFEMOON at a high price.
However, the whale held 25,000 BNB after these transactions in June 2021 and has sold 10,000 BNB today.
BNB continues to trade at $230 at the time of writing.
*Not investment advice.