BNB & BUSD Under Attack

[m2017]

So far, this looks like a war between large companies for market influence, and the CEC acts as an executor of other people's interests. The market is growing, the number of projects is constantly increasing. And many do not like the leading position of the Binance crypto exchange in this market.

You seem to have an error in the text.. You probably meant SEC, not a CEC?

How do you feel about the fact that binance is beginning to penetrate into so many directions in crypto areas?

The struggle in any markets is eternal. It is possible that it was not without reason that SEC began to actively put pressure on binance right now, whereas before that she seemed not to notice their activities.

...BUSD can also be pegged with any other Local currency such Yaun, Ryal or another currency it has low possibility but still its possible for now feel safe with the USDC

If BUSD will be tied to any other local currency, then it will be something else, but definitely not BUSD. And I am sure that investors will not trust the new stablecoin as well as they trusted BUSD, because no local currency can compare with USD.

It is now, not a single national currency can be compared with the dollar, but if the dollar collapses, then new options appear. At least the same yuan (not Yaun, like Hamza2424's post above). But this is unlikely to happen anytime soon. So, in the current realities, the peg to the dollar is the most stable and the peg of BUSD to any other currency is a bad signal. You're right.

[yhiaali3]

The attack is not primarily on BNB, BUSD, it is an attack on cryptocurrency in general and stable coins in particular, but Binance was chosen because it is the most powerful platform and a blow to it could cause a major shock to the market, a state of fear and shaken confidence among users.

Recently there was news about USDC and before that a while ago there was an attack on USDT, I think it is a secret war led by the US in secret to eliminate Crypto.

[Ahli38]

The attack is not primarily on BNB, BUSD, it is an attack on cryptocurrency in general and stable coins in particular, but Binance was chosen because it is the most powerful platform and a blow to it could cause a major shock to the market, a state of fear and shaken confidence among users.

Recently there was news about USDC and before that a while ago there was an attack on USDT, I think it is a secret war led by the US in secret to eliminate Crypto.

it seems that's how it happened. But now FUD like this has become commonplace. even the market is now recovering quickly. even BUSD returns at 1:1 . now more people are ignoring Fud. and that is a good thing for the future growth of cryptocurrency users. let those who continue to make Fud tire themselves. actually the XRP vs Sec trial is almost at the end of the road and victory looks like it will be in Xrp's favor. so from there maybe Sec looked for another target and Paxos was the one who then became the next target. I don't understand a law. but I hope the future government can be more open with cryptocurrencies. so that there is mutual benefit.

[tvplus006]

...The struggle in any markets is eternal. It is possible that it was not without reason that SEC began to actively put pressure on binance right now, whereas before that she seemed not to notice their activities.

Binance has had problems with regulatory authorities since 2018, which was related to the exchange's compliance with anti-money laundering laws. And since then, the exchange has been constantly under the gun of regulatory authorities. Obviously, Binance has decided to interrupt this series of investigations, voluntarily agreeing to pay all fines for past violations of the law. It is not yet known how much the past violations will be assessed, but it is obvious that the amount will be large.

[wxa7115]

There is not such a thing as too big too fail, Lehman Brothers one of the largest investments banks and which existed for more than 170 years disappeared in a matter of weeks and it was the direct cause of the crisis we suffered during 2008.

I do not have the numbers but I would guess it was bigger than binance and it still disappeared, so thinking that just because binance is the biggest exchange on this market nothing can happen to it is a huge mistake.

To be fair, Lehman Brothers bankrupted itself, but others picked up what they had and continued. Even the building they worked in got sold, and their names and offices and business' that they had, all of that was sold to others and that money was used to pay off the people they had debts to, and that means only Lehman Brothers got screwed because of this.

They did it unto themselves, a big attack could always result with some companies bankrupting because they do not have enough income to pay off their debts, which means they weren't ready for a bad situation. I believe we do not have that right now, Binance is good, and they do not have to worry about this attack at all.

True, but at the same time many interpret the actions of CZ against FTX as an attack against it and SBF, and since this was done when the exchange was facing so many problems this destroyed that exchange in a matter of days.

So Even if binance is doing well right now if at some point it does not then I am sure someone will try a similar attack against binance to try to destroy it, and they will not think twice about it as CZ has done the same already.

[Captain Corporate]

All these accusations and attacks will not make it any weaker, in fact it will show how strong it really is. The reality is that we are talking about something that is defending itself very well without any trouble so far, which means if they can't break it, then it has to be very strong. The same logic applied to many others, like how Luna was attacked and got crashed, which means that it was weak, BNB is not. I hope that this shall pass too, its not going to go on forever, Binance is too strong to let this crash them but at the same time people could get bored from this, so I hope it ends soon.

[adaseb]

The way it works with these stablecoins is, if you manage to buy it at any price below $1. You can always claim the token and get $1 USD in return. There were many large firms which did that pretty much. They were trading in their USDT or USDC in exchange for BUSD and later they claimed it with Paxos and made a huge arbitrage gain.

Hence why they always repeg shortly afterwards. There is medium type of liquidity for stablecoins. So if 9 figures gets sold off in a short period of time, it will depeg for a short while. Because the large firms see this as an opportunity for arbitrage and they buy it and later claim these tokens for real USD.

[GreatArkansas]

(....)
Recently there was news about USDC and before that a while ago there was an attack on USDT, I think it is a secret war led by the US in secret to eliminate Crypto.

Stablecoins FUD is already aged now. Before the USD Tether (USDT) is also like this, the attacks are unstoppable, with FUD everywhere. But look it now, USD Tether (USDT) is still here.
For me, the recent attack on Binance is their stablecoin's BUSD between Paxos. For me, all of these are just FUD, both parties already released their statements regarding with these.

[Strongkored]

All the Dump occur because of the SEC because they launch enforcement action against Paxos, the issuer of BUSD. Paxos says that it will vigorously defend itself, and the issue is going to court. But as per the CZ's recent tweet, "Ignore FUD, fake news, attacks, etc." it is clear that both BNB and BUSD will recover the price soon.

All the small investors and Newbies are advised to take extra care because if something bad happens then they won't be able to get their investment back and it will be the same case as LUNA and FTX as they were also considered Stablecoins like BUSD.

And since CZ has confirmed via twitter to ignore FUD, fake news so at least the BUSD holders as well as BNB can be quite calm regarding the recent events, and I see it as just an attack on the existence of Binance which is quite heavily involved in the crypto world , but I agree that all those who own BUSD and BNB must be careful and actually this also applies to all altcoins because anything is possible

[yazher]

They've been through these kinds of accusations in the past and that's just how you gonna be when you are at the top because your competitors want you to stop rising up. Their services and features are the trends right now and with their backup features to recover lost funds of their users, they became one of the most trusted exchanges out there. With that being said, other exchanges wanted to compete against them and obviously, right now they are using a dirty way of competing against Binance.

[SirLancelot]

All the Dump occur because of the SEC because they launch enforcement action against Paxos, the issuer of BUSD. Paxos says that it will vigorously defend itself, and the issue is going to court. But as per the CZ's recent tweet, "Ignore FUD, fake news, attacks, etc." it is clear that both BNB and BUSD will recover the price soon.

All the small investors and Newbies are advised to take extra care because if something bad happens then they won't be able to get their investment back and it will be the same case as LUNA and FTX as they were also considered Stablecoins like BUSD.

BUSD is a kind of stable coin. Many are expecting that the value of a stable coin is only going to stay at 1 USD but even the dollar itself can't sustain it. It still fluctuates a little but it will always find it way back on 1 dollar again. I just want to say that it was normal and there is no need to panic about. Anyway, BUSD isn't the only stable coin that experience this little dip.

Tether was also reported last time to experience the same thing but I think many people will get alarmed since tether already have some issues before. BUSD was still a trusted stable coin because it was backed by Binance. As for BNB, it was also normal that it can dump like that because it's a volatile crypto and the bear market isn't over yet. Instead of worrying, why can we just use this moment to stock more coins?

[justdimin]

All the Dump occur because of the SEC because they launch enforcement action against Paxos, the issuer of BUSD. Paxos says that it will vigorously defend itself, and the issue is going to court. But as per the CZ's recent tweet, "Ignore FUD, fake news, attacks, etc." it is clear that both BNB and BUSD will recover the price soon.

All the small investors and Newbies are advised to take extra care because if something bad happens then they won't be able to get their investment back and it will be the same case as LUNA and FTX as they were also considered Stablecoins like BUSD.

And since CZ has confirmed via twitter to ignore FUD, fake news so at least the BUSD holders as well as BNB can be quite calm regarding the recent events, and I see it as just an attack on the existence of Binance which is quite heavily involved in the crypto world , but I agree that all those who own BUSD and BNB must be careful and actually this also applies to all altcoins because anything is possible

I think it is expected of him to say something like that. I trusted him before he said anything, I have not sold any of my busd nor my bnb so far and wouldn't have sold any even if he said nothing. And if there is a person out there who was scared of all of this before CZ said anything, why would him saying his own company is doing fine would suddenly make them feel calmer?

What was the expectation, him saying that things are not alright and they are bankrupting? Of course not, you tell everyone everything is good no matter what the situation is, but I believe that this was just FUD and some people who dislike binance spread it.

[Xal0lex]

The attack on Binance and its products has been going on for quite some time, since last year. The collapse of FTX triggered this sequence of events and it looks like it won't subside anytime soon. At the moment, Binance itself no longer wants to consider BUSD as the main stablecoin for their platform and they are looking at other stablecoins that are not backed by USD but another currency. In light of these events, I would definitely refrain from keeping BUSD in my wallet. This stablecoin is extremely unreliable right now.