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The crypto market maker Cumberland spent a whopping $90 million to buy the bottom after the U.S. Securities and Exchange Commission (SEC) brought enforcement actions against crypto giants Coinbase and Binance. On-chain data showed that the market maker has withdrawn over $46 million worth of ETH over the past 24 hours.The blockchain analytics firm Lookonchain took to Twitter earlier today to share Cumberland’s recent transactions:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e9069a519a8d4b619b6886b4c179d501.png" />According to on-chain data gathered by Lookonchain, Cumberland bought the dip after Coinbase and Binance were sued by the securities regulator. The Chicago-based market maker withdrew 20,000 ETH worth $37 million from Coinbase and another 4850 ETH worth $9 million from Binance since the SEC’s enforcement actions began.Cumberland has also withdrawn several altcoins, including Axie Infinity token (AXS), Compound (COMP), Chainlink (LINK), CurveDAO Token (CRV), AAVE, Render Token (RNDR), and Shiba Inu (SHIB). The market-making firm withdrew a total of 90 million USDC from Circle, of which 85 million USDC was deposited to Coinbase and 3.5 million USDC was sent to Binance.Read full article at <a href="https://cryptotale.org/cumberland-buys-the-dip-after-sec-sues-binance-and-coinbase/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Cumberland Buys the Dip After SEC Sues Binance and Coinbase

CryptoTale

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