Binance Bitcoin balance drops by 3.4K BTC within 24 hours of CFTC lawsuitSoon after the United States Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and its CEO Changpeng ‘CZ’ Zhao over regulatory violations, the entrepreneur sought damage control measures while rejecting allegations of market manipulation. However, investors responded by pulling off over 3,400 Bitcoin (BTC) within 24 hours of the announcement anticipating market fluctuations.
“Binance.com does not trade for profit or “manipulate” the market under any circumstances,” stated CZ while responding to CFTC’s allegations. However, episodes involving crypto entrepreneurs such as FTX’s Sam Bankman-Fried and Terraform Labs’ Do Kwon shook investors’ confidence and trust in the crypto ecosystem.
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