Ethereum Co-founder Moves $41.1 Million in $ETH to Major Exchange as SEC Charges Binance

Ethereum ($ETH) co-founder Jeffrey Wilcke has seemingly moved over 22,000 tokens of the second-largest cryptocurrency by market capitalization, valued at around $40 million to a major cryptocurrency exchange shortly after it was revealed the U.S. Securities and Exchange Commission (SEC) was suing Binance.

According to data from the Ethereum blockchain, first spotted by Lookonchain, Wilcke moved his funds shortly after the SEC unleashed its fury on Binance but, despite the significant transaction, his wallet maintains over 150,000 ETH, worth over $280 million.

The cryptocurrency space saw a significant downturn after the SEC’s lawsuit was revealed, with major digital assets losing between 2% and 7% of their value over the last 24-hour period. While BTC and ETH dropped by 3.7% and 2.6% respectively, Binance’s BNB plunged by over 7%.

Wilcke’s transaction is notable as it breaks a 29-month hiatus during which his Ethereum address had not transferred any funds out. The last notable transaction from his address was 29 months ago when 15,000 units of Ethereum were moved to Kraken.

His recent 22,000 ETH transaction was to that same cryptocurrency trading platform, but Lookonchain detailed that according to data from Kraken not all of the ETH that was transferred was sold on the market.

As CryptoGlobe reported, Binance has responded to the SEC, saying it has actively cooperated with the regulator’s investigations and worked diligently to answer their questions and address their concerns in the past.

The exchange lamented the SEC’s unilateral action, which it views as part of the SEC’s misguided refusal to provide clarity and guidance to the digital asset industry. It emphasized its commitment to maintaining user assets’ safety on its platforms, including Binance.US.

On social media, Patrick Hillmann, Binance’s Chief Communications Officer, said there is “zero evidence that users’ funds were ever at risk” as there has “never been any sort of misuse of spending of user funds for corporate purposes.”

Featured image via Unsplash.

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