- 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.
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.