BNB & BUSD Under Attack

[Gcrypto786]

Recently we have seen a huge Dump in BNB price, as well as BUSD, is treated below $0.998. The BUSD price $0.998 seems not too low for many new traders but for the Whales and big investors its like, if they have $998000 USDT then they can get $1M BUSD, and later on they can sell it with an equal amount, so they do the trading but BUSD price dumped to $0.9959 which is a lot for the big investors.
The same happened for the BNB holders, as the BNB was traded at around $320 but recently down to $283 which is also a lot for the big whales.

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.

[JANUS23]

I think BUSD would eventually overcome the hate NYFD and USDC has thrown to it these days. As long as it is a store of value, then its all good

[TimeTeller]

I think BUSD would eventually overcome the hate NYFD and USDC has thrown to it these days. As long as it is a store of value, then its all good

In addition to that, there's a big difference between the owners of BNB/BUSD project vs FTX/LUNA projects.
The owners of FTX/LUNA projects put some of their bankrolls to their own pockets and used for their own luxuries.
I have high regards with CZ that he is doing good in this business because he has actual plans for his platform.
Sure, he is earning good income from this business, but I don't think he will abandon his platform for the sake of his own luxuries.

[lumbanrang]

For BNB and BUSD myself I'm not too worried considering these two tokens are backed by one of the biggest exchanges in the world and it's clear in their documents that their assets are in their control and the CEO of Binance already has a long term plan to manage how Binance and their tokens stay survive in the crypto market.

[goaldigger]

I think BUSD would eventually overcome the hate NYFD and USDC has thrown to it these days. As long as it is a store of value, then its all good

Anything can happen but Binance team assure the public that they have plans and a better strategy to overcome this pressure and this current issue, this is not the first time they attacked Binance and tries to ruin its reputation, the last one Binance was able to survive it.

Anyway, if you’re still panicking and want to be more safe then just convert your BNB to BTC, you can be more safe with this while waiting for the updates and the official statement of Binance with regards to this.

[Bitcoin_Arena]

For BNB and BUSD myself I'm not too worried considering these two tokens are backed by one of the biggest exchanges in the world and it's clear in their documents that their assets are in their control and the CEO of Binance already has a long term plan to manage how Binance and their tokens stay survive in the crypto market.

You still have a lot of lessons to learn, I guess.

Yes, It is the biggest crypto exchange until all of a sudden it isn't. Remember FTX being the second or third-largest crypto exchange? Where is it now?
Please stop blindly thinking nothing can happen to binance because it's the biggest.

CZ is already trying to distance himself and binance from BUSD and paxos.

[blockman]

I'm still looking at it and good thing that it's not that much on my portfolio. Whatever comes in this situation and if it will be worse then I'll quickly act on it to convert it to another asset that I have.

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.

We get this all the time from these CEOs even if there's something that's really happening into their fence. But will still consider that as he's the one who has opened the idea about FTX however, it doesn't mean that he can't get f***ed with his things.

[Pierre 2]

I feel like attack on bnb is not something important as its just another altcoin. Critical one is definitely attack on busd. Limiting it means CZ may need to replace all its trading tools. He may even need to replace busd totally and do 1:1 replace with issuing another binance backed stable coin. Things are surprisingly going bad. I think market reaction shows what can be the worst. Many people trust cz but regulations are very important.

[OcTradism]

If their reports were not cooked, they have good management for their own treasuries and customer fund.

In this fud and crisis, Binance got a lot of trust and positive support as well as responses from big entities. Venture capitals don't swap their BUSD to other stable coins that is a very good signal of their high trust on Binance and CZ.

Binance gained very high trust and reputation after the FTX fiasco and BUSD gained lot of interest in stablecoin branch. Hence other exchanges, other stablecoin teams want to attack Binance and BUSD that is understandable.

If in a few more days, Binance and BUSD are fine, BNB and the whole cryptocurrency market will recovery very strongly. I believe they will recover.

If you don't let fud affected you a lot, you will see globally, what are banks are able to proceed $3B withdrawals for customers in about 24 hours. Binance are actually better than many banks.

[Supianto]

For BNB and BUSD myself I'm not too worried considering these two tokens are backed by one of the biggest exchanges in the world and it's clear in their documents that their assets are in their control and the CEO of Binance already has a long term plan to manage how Binance and their tokens stay survive in the crypto market.

You still have a lot of lessons to learn, I guess.

Yes, It is the biggest crypto exchange until all of a sudden it isn't. Remember FTX being the second or third-largest crypto exchange? Where is it now?
Please stop blindly thinking nothing can happen to binance because it's the biggest.

CZ is already trying to distance himself and binance from BUSD and paxos.

True. As I always say - expect the best, prepare for the worst. Anything can happen and no one nothing is 100% safe.

[wxa7115]

For BNB and BUSD myself I'm not too worried considering these two tokens are backed by one of the biggest exchanges in the world and it's clear in their documents that their assets are in their control and the CEO of Binance already has a long term plan to manage how Binance and their tokens stay survive in the crypto market.

You still have a lot of lessons to learn, I guess.

Yes, It is the biggest crypto exchange until all of a sudden it isn't. Remember FTX being the second or third-largest crypto exchange? Where is it now?
Please stop blindly thinking nothing can happen to binance because it's the biggest.

CZ is already trying to distance himself and binance from BUSD and paxos.

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.

[Ahli38]

I think BNB will be fine. but I don't know about BUSD. but I'm also pretty sure Paxos will handle it pretty well. because even after this FUD we can see BUSD not dropping too far. and this is different from last year's UST or Luna case. However, we must still be prepared for the worst. so for a while I also converted my BUSD to USDT. Being careful is much better than being sorry in the end.

[cryptoaddictchie]

The news are simply to sway in Big exchange Binance but would you think the number 1 centralized exchangw would badge on this? Especially CZ is one of the richest crypto people out there. Of course they will take action and their CEO simply defend the issue on social media.

I dont know whats the big fuss about it but only some might panic on this considering how huge Binance is. Its about the concern on Busd on paxos issuer, but deliberately all US related product on crypto might enter this kind of issue cause we all knew how strict US when it comes to regulation.

[OgNasty]

The BNB situation is too close to FTT for me to feel comfortable holding it. There’s just too much potential for it to go to zero. Granted Binance has been around much longer than FTX and has a much stronger financial position, but you can’t ignore that they’re playing the exact same game. At some point someone with deeper pockets will likely come around and do to Binance what Binance did to FTX.

[suzanne5223]

so they do the trading but BUSD price dumped to $0.9959 which is a lot for the big investors.

How do you know that the BUSD price dumped of $0.9959 is a lot for big investors when the price is just like $1 if we do the calculation.

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.

Some people believe the SEC case against Paxos is just to cause FUD in the market and I also believe CZ and the whole Binance team ought to be expecting this ever since their ecosystem keep expanding and also acquiring more project, especially those that are bankrupt.
I hope they will be more careful because some people who are not happy about the acquirement will be looking for the mistake they can use against them

[justdimin]

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.

[Mister lodje]

I think BNB will be fine. but I don't know about BUSD. but I'm also pretty sure Paxos will handle it pretty well. because even after this FUD we can see BUSD not dropping too far. and this is different from last year's UST or Luna case. However, we must still be prepared for the worst. so for a while I also converted my BUSD to USDT. Being careful is much better than being sorry in the end.

Recently we have seen a huge Dump in BNB price, as well as BUSD, is treated below $0.998. The BUSD price $0.998 seems not too low for many new traders but for the Whales and big investors its like, if they have $998000 USDT then they can get $1M BUSD, and later on they can sell it with an equal amount, so they do the trading but BUSD price dumped to $0.9959 which is a lot for the big investors.
The same happened for the BNB holders, as the BNB was traded at around $320 but recently down to $283 which is also a lot for the big whales.

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.

[Hamza2424]

Things are pretty much clear after the CZ explanation to the community. Still, one point is existing and that is now what about the future minting of the BUSD. In my view, Binance has many alternatives, and Dubai or any other country might be ready to provide Lisance to Binance for the BUSD minting. One more theory may be Binance is going to Pedge the BNB and BUSD as an algorithmic stablecoin. As Luna and UST were pegged I am not sure about this theory but it can be considered. 

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

[zasad@]

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.

[tvplus006]

...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.