Recent statistics reveal that a significant amount of ethereum staked on Coinbase has been redeemed, with 27,280 tokens being redeemed on June 6. This development comes in the wake of the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Coinbase for not registering its staking-as-a-service program.
Redemptions Soar on Coinbase Amidst SEC Lawsuit Fallout
June 6, 2023, marked a pivotal moment for Coinbase as the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the San Francisco-based exchange. One of the SEC’s complaints alleges that Coinbase neglected to register its staking-as-a-service platform. In the aftermath of this legal action, Dune Analytics has recorded tens of thousands of redemptions for Coinbase’s CBETH, the exchange’s staked ether product.
On that day, a staggering 27,280 CBETH was redeemed, followed by nearly 9,000 CBETH the next day, according to recent statistics. As of today, June 8, over 3,400 CBETH has already been red
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