Jeffrey Wilcke Transferred $41M Worth Of Kraken Amid Binance-SEC Lawsuit

Jeffrey Wilcke, one of the co-founders of Ethereum ETH/USD, reportedly transferred a whopping 22,000 ETH, worth a staggering $41.1 million, to an address on the Kraken exchange.

What Happened: This came hours after the Securities and Exchange Commission (SEC) had filed charges against Binance, one of the largest cryptocurrency exchanges, and its founder Changpeng Zhao for alleged securities violations.

Following the transfer, Wilcke’s address still holds over 150,000 ETH, which amounts to nearly $280 million.

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Why It Matters: Bitcoin BTC/USD, the leading cryptocurrency by market capitalization, on Monday, suffered a sharp downturn below $26,000. Ethereum and other major altcoins also experienced a decline, with most of the drops occurring in the immediate aftermath of the SEC lawsuit.

It’s interesting to note that Wilcke’s address hadn’t transferred any ETH out for 29 months when a previous transaction of 15,000 ETH was transferred to Kraken. 

Price Action: At the time of writing, ETH was trading at $1,812.73, down 3.12%, in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Tumble After SEC Lawsuit: Analyst Says Binance’s Success Is Key To Apex Crypto’s Survival

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