Get your money out of Binance NOW!

[NotATether]

As I type this in a cafe, sipping a cup of coffee and devouring an éclair, a post just came on my reddit feed about Binance's involvement in this "crash".

Here is the Reddit post in question: https://www.reddit.com/r/CryptoCurrency/s/vXODlw2m6m

Here is the post where it says Binance is trying to "leverage" its SAFU fund:

https://bitcointalk.org/index.php?topic=5573259.0

You don't buy the dip with emergency funds.

Here is @OgNasty, whose opinion on Bitcoin price I highly respect, telling people on the WO thread that we're not at the bottom yet:

https://bitcointalk.org/index.php?topic=178336.msg66375365#msg66375365

I am telling you guys, get your money out of Binance NOW.

Don't even keep your shitcoins there.

I have a feeling this post is either going to either be wrong or it will be massive foresight before 2026 is finished.

Edit: spelling

[TryNinja]

To be fair, AFAIK, there is no evidence about Binance being insolvent like some people are speculating. Everybody is just pointing fingers at everybody because the price action is weird.
I saw many people just saying "someone definitely blew up" (who? no one knows anything, because it's all just saying).

But yes, get your money out of EVERY exchange, not just Binance. Not your keys, not your coins.

[Oshosondy]

You don't buy the dip with emergency funds.

If they bought bitcoin with the emergence fund, but bitcoin later fall from $76000 to $40000, that still mean the emergency fund has not dropped twice of its value which is $500 million.

The emergency fund will be better in bitcoin and not that Binance is buying it at once but they will still continue to buy it at lower prices.

Are you thinking there would be a hack that will be more than the emergency fund and get Binance in trouble?

I think Binance knows how to play this gamble than that.

Nothing will happen.

My opinion.

It is FUD.

[NotATether]

The emergency fund will be better in bitcoin and not that Binance is buying it at once but they will still continue to buy it at lower prices.

No, that's exactly what I'm trying to tell you!

If they buy bitcoin with that and Bitcoin continues to crash, and they get a bank run, that's it for them.

The SAFU fund *is* their solvent assets.

We have seen Celcius, FTX, Voyager all fail in real time because of market crashes, have we learned nothing from that?

Are you thinking there would be a hack that will be more than that and get Binance in trouble?

Recent events that have occurred within the past 24 hours suggest that it is more likely they will get killed by a crash than by a hack.

Also, why receive a pardon (i.e. buy Trump) if there wasn't massive governmental litigation on the horizon?

[FinneysTrueVision]

Silver dropped almost as much as Bitcoin. Stocks were also down. Volatility is everywhere recently and I believe what is happening in the markets is bigger than Binance. Binance might have their issues, but I have not seen anything to suggest a collapse is imminent.

No, that's exactly what I'm trying to tell you!

If they buy bitcoin with that and Bitcoin continues to crash, and they get a bank run, that's it for them.

The SAFU fund *is* their solvent assets.

The SAFU fund is meant to cover losses from hacks. If they became insolvent, all of their remaining available assets, not just the ones in this fund, would be used to repay creditors.

Stablecoins can be easily frozen, so the biggest risk of losses from hacks comes from volatile cryptocurrencies whose price is correlated to Bitcoin. Any concern over the fund's value dropping to where it can significantly impact their operations seems overblown in my opinion.

We have seen Celcius, FTX, Voyager all fail in real time because of market crashes, have we learned nothing from that?

For all their faults, I think Binance is still smart enough not to misuse customer funds doing the kinds of massively risky things that led to the downfall of these actors.

[Rikafip]

I have a feeling this post is either going to either be wrong or it will be massive foresight before 2026 is finished.

Even if nothing bad in the end happens, your thread still serves a purpose if at least 1 person who reads it remove their crypto from Binance. Too many are still using centralized exchanges as banks, despite everything that has happend in the past.

The SAFU fund is meant to cover losses from hacks. If they became insolvent, all of their remaining available assets, not just the ones in this fund, would be used to repay creditors.

Theoretically yes, but in case of them getting insolvent, you can forget about SAFU fund saving the day. Its just a pipe dream, nothing else.
 

[examplens]

Here is the post where it says Binance is trying to "leverage" its SAFU fund:

https://bitcointalk.org/index.php?topic=5573259.0

idk. It seems to me that they made a serious profit, because they bought at ~$60k and it's already over $70k. And all this with money that was just at their fingertips. If this is true, Bitcoin has made a growth of >11%, and Binance has earned more than $10 million in this transaction alone in less than 24 hours. This will certainly have an impact on greater solvency.
Not bad at all.

But yes, get your money out of EVERY exchange, not just Binance. Not your keys, not your coins.

This should always be remembered.

[livingfree]

FUD or not, it's never good to keep your funds in Binance and any other exchanges.

To be fair, we've seen a lot of insolvency issue and as well as how they've played with their customers fund.

And that's why, trust no one with your funds and never believe about these features that they have to secure customer's fund.

We get the clue that every bear market, there's one big exchange that being put into the hot tub and makes their own bad history with a disaster.

[TryNinja]

idk. It seems to me that they made a serious profit, because they bought at ~$60k and it's already over $70k. And all this with money that was just at their fingertips. If this is true, Bitcoin has made a growth of >11%, and Binance has earned more than $10 million in this transaction alone in less than 24 hours. This will certainly have an impact on greater solvency.
Not bad at all.

But yes, get your money out of EVERY exchange, not just Binance. Not your keys, not your coins.

This should always be remembered.

Who said they bought at $60k?

The article linked on the topic says, on the first paragraph:

The Bitcoin, worth $101 million, was bought for an average price of $77,409.89 per coin, according to data from Blockchain.com. Binance said it expects to shift the rest of SAFU’s $1B from stablecoins to Bitcoin within the next 27 days.

They are not in profit.