Is the Binance the next to bite the dust or FUD?

[DanWalker]

You might be correct. The competitors of Binance might get much of the benefits of this especially the onchain decentralized exchanges where you do not give the custody of your cryptocoins to centralized exchanges.

In any case, this picture has become viral on social media implying that this was an inside job to stop the momentum of the bull market hehehehehehe.

Going by Binance's latest update, losses have reached $6.3b, with around $3b of that frozen. That's an enormous sum, enough to sink pretty much any tier 2 or tier 3 exchange if it faced a similar situation without the financial resources to cover the losses.

So I'm not buying the inside job theory to stop the bull market's momentum either. The price is way too steep, from Binance's reputation and user trust to its standing in the market. Not to mention it could bring some serious legal fallout too.

There is no reasonable motive for Binance to put itself in that position.
https://www.binance.com/en/support/announcement/detail/c5a8729a97ac486d963784d96c5642d7

[KingsDen]

@FinneysTrueVision. You might be correct. The competitors of Binance might get much of the benefits of this especially the onchain decentralized exchanges where you do not give the custody of your cryptocoins to centralized exchanges.

In any case, this picture has become viral on social media implying that this was an inside job to stop the momentum of the bull market hehehehehehe.

How did the narrative that this is an inside job to stop the momentum of the bull run emerge? In the social media, I am seeing otherwise that this is the confirmation of huge bull run. I stumbled on a post that narrated how similar hacks resulted to bull run.

From the layman's side of view, this is a kind of liquidated that will trigger more buys which will then propel the bull run. Am I getting something wrong? Or I am missing something somewhere.

As for the picture, how red is the market this morning, I haven't checked the price yet.

[knowngunman]

Does everyone think that there is truth to this theory?

This is Binance update

Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.

I'm not dismissing their claim but someone ask How tf a single DevOps engineer’s laptop has access to such large sum? And to be honest, that same question came my mind as well. How can a single person have access to such huge amount and would make transactions without needing approval from another party? I don't know anything about their operational patterns but if this is how they operate, it's really insane.

As for the picture, how red is the market this morning, I haven't checked the price yet.

I know what you're trying to do 

The red is not redding as expected yet 

[letteredhub]

As for the picture, how red is the market this morning, I haven't checked the price yet.

I know what you're trying to do 

The red is not redding as expected yet 

I have this strange conviction that the price of bitcoin isn't going to dump as many persons are speculating with regards to the Binance multi billion dollars hack. If the price was going to fall thereby affecting the envisaged up coming bull run then we would have seen price reacting strongly to this news with a strong fall  ("redding") but it isn't the case. Because from what I know about news like this, first they affect market negatively immediately and then the bitcoin price would later start to recover up after a short time reaction to the news.

[logfiles]

Going by Binance's latest update, losses have reached $6.3b, with around $3b of that frozen. That's an enormous sum, enough to sink pretty much any tier 2 or tier 3 exchange if it faced a similar situation without the financial resources to cover the losses.

I don't know if it's true but I read somewhere that even with some of the frozen USDT and USDC, the hacker managed to use it to borrow ETH in one of the DeFi platforms. So by the time the freezing was done, the DeFi platform was stuck with the frozen assets

So I'm not buying the inside job theory to stop the bull market's momentum either. The price is way too steep, from Binance's reputation and user trust to its standing in the market. Not to mention it could bring some serious legal fallout too.

How about an insider job where some of the Devs are involved in creating a backdoor for the hack?

[bbc.reporter]

@FinneysTrueVision. You might be correct. The competitors of Binance might get much of the benefits of this especially the onchain decentralized exchanges where you do not give the custody of your cryptocoins to centralized exchanges.

In any case, this picture has become viral on social media implying that this was an inside job to stop the momentum of the bull market hehehehehehe.

How did the narrative that this is an inside job to stop the momentum of the bull run emerge? In the social media, I am seeing otherwise that this is the confirmation of huge bull run. I stumbled on a post that narrated how similar hacks resulted to bull run.

From the layman's side of view, this is a kind of liquidated that will trigger more buys which will then propel the bull run. Am I getting something wrong? Or I am missing something somewhere.

As for the picture, how red is the market this morning, I haven't checked the price yet.

It would be headshaking to create a bullish storyline for this, I reckon. I speculate that if Binance will go down, CZ will declare Order 66 and take the whole cryptospace down with Binance heheheh.

In any case, North Korea has announced that they are not responsible for the hack. If this is true, I have a speculation who hacked Binance, however, I am afraid to say who heheheh.

Also, news update. This will not be very positive for a few months.



Binance only has 3.81%(21 out of 552) assets enabled for withdrawal and they've had 5.91 BILLION dollars of net outflows in the last 24 hours.

It's extremely over for them.

Guaranteed they are freaking TF out at Binance HQ.

Expect them to pull some bullshit over the next couple days.

Notice how they delayed their proof-of-reserves from Nov 2nd to Nov 3rd.

If they delay again, some fuckery is definitely afoot.

Read in full https://x.com/zectrillionaire/status/2117067951996383454?s=46

[bbc.reporter]

These types of statements might be implying 2 occurrences. That North Korea hacked Binance and it appears that desperation is appearing in CZ's  veins because he knows that Binance will bite the dust. The other is this was an inside job and he only wants to make it appear that he is desperate hehehehehe.



CZ Calls on the US and China to Help Recover Binance’s Stolen Money

Former @Binance CEO CZ has asked the United States and China to open diplomatic lines with North Korea to help recover assets stolen in the Binance hack.

He denied making any behind-the-scenes contact with President Donald Trump or other American officials about the hack.

“If there's anybody who can talk to North Korea, that's probably... the U.S. and China,” Zhao mentioned.

This suggests that government-level assistance may be the only practical way to retrieve money from state-supported hackers.

“We would love to get some help,” he said.

Source https://x.com/BSCNews/status/2117600596530204969

[bbc.reporter]

The chief financial officer of Binance has left the company only days after the biggest hack in the cryptospace. What does Kaiser Ng know? He cannot do what is being demanded from him by CZ or does he know something will happen in a few weeks or a few months?

Remember when Sam Tabasco left FTX before FTX has bitten the dust? Will Binance be the next to bite the dust or fud?



BINANCE CONFIRMS KAISER NG LEAVING, NAMES JUSTIN YEK NEW CFO: BBG

Source https://x.com/AggrNews/status/2119102105344458811?s=46