- PeckShield identifies $4.7 billion USDC burned from Coinbase.
- The movement is likely to be linked with the US crackdown on staking.
- Coinbase stock plummeted by 14.13% today.
Blockchain security and data analytics company PeckShield recently identified a $4.7 billion USDC burn from Coinbase alone. This was a follow-up to a $175 million USDC burn.
PeckShield believes it could possibly be due to the recent SEC crackdown on cryptocurrency staking. Rumors were out on the street that the U.S. Securities and Exchange Commission (SEC) is possibly planning to ban cryptocurrency staking.
The rumors started surfacing after SEC chairman Gary Gensler spoke about the possibility of classifying cryptocurrencies that allow staking to come under the securities. Coinbase CEO Brian Armstrong also took to Twitter to address the rumors.
