The crypto markets were a hive of activity on Tuesday, after the U.S. Securities and Exchange Commission filed a lawsuit against Binance and Changpeng “CZ” Zhao over allegations that they had violated federal securities laws.

Data from Nansen.ai indicates that Binance outflows across all protocols reached $719 million in a 24 hour period.

(Nansen.ai)

After the SEC filed a lawsuit against Binance, outflows reached $230 million during the U.S. Trading Hours.

Nansen data shows that Binance’s stablecoins balance is healthy despite the net outflow that appears to be accelerating. The stablecoin balance is just over $8 billion. A seven-day outflow was $519 million or approximately 6%. OKX is the exchange that has the second largest holdings with a balance $4 billion.

In a thread on Twitter, CryptoQuant of Seoul pointed out the withdrawals were well within historical norms.

CoinDesk - Unknown(Nansen.ai)

SAND, MANA Lead Declines

The SEC also alleged in the complaint that a number other tokens are securities, including Binance’s BNB token (SOL), Cardano’s (ADA), Polygon’s (MATIC), Coti’s (COTI), and Algorand’s (ALGO) blockchains.

Most of these tokens continued to be in the red well into the Asia trading day.

SAND , MANA and SAND were the two major Metaverses that led the declines. SAND was down 13% at $0.52 while MANA fell 11.6% at $0.45. Binance’s BNB has fallen 8% to $276.48.

The CoinDesk Market Index is flat, down by 0.08%.

According to CoinGlass during the Asia trading day $26 million worth of positions were liquidated. Of this, $16,8 million was long. The total amount of liquidations over a 24 hour period is $296.5. Of this, $271 million was long.

Parikshit Miishra is the editor.