.Ethereum token on the move in what appears as a planned selloff
While it is uncertain whether the address consolidated the funds in it after buying Ethereum based on the Fear, Uncertainty and Doubt that permeated the industry, the withdrawal has garnered a number of speculations, including whether or not the whale used the withdrawn asset to escape the current uncertainty surrounding Binance.
With the withdrawal, fears of a ripple effect in sell-offs are growing, a move that could drive the fall of Ethereum. It has been a very turbulent week for Binance exchange and the broader digital currency ecosystem, with the United States Securities and Exchange Commission against the trading platform. Drawing on the allegations, the SEC claimed Binance was operating illegally in the United States and that it was involved in the trading of unregistered securities in the form of crypto tokens.
With the lawsuit, Binance exchange is faced with two distinctive options: to challenge the SEC's claims in court or push for a fair settlement and reparation. Either option has placed Binance in a state of uncertainty that is capable of stirring sell-offs and withdrawals from its platform.
While both cases are still active, industry leaders have projected that the case is incapable of hurting Binance significantly as Jim Cramer
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