Next Technology Holding in panic selling 5,833 BTC?

[freedomgo]

Looks like this company, Next Technology Holding, is now in panic mode due to the Binance hack.

They are considering selling or pledging up to 5,833 BTC as they seem to be losing trust in exchanges. Probably afraid that something similar could happen again, even though their Bitcoin isn't held on Binance.

bad move I would say, especially if they end up selling out of fear.

A Nasdaq-listed company may sell $450 million bitcoin, citing Binance hack and quantum fears
Next Technology Holding cited exchange security and quantum computing risks in authorizing sales or loans against its 5,833 BTC. It says none of the coins are held at Binance.

QC is even mentioned here, seem it's a real threat for them.

[Oshosondy]

There was a topic I brought to this forum about quantum fear: https://bitcointalk.org/index.php?topic=5598166.msg67286946#msg67286946

This is an example of it, but with the company also having fear of exchange collapsed.

I think after Binance was able to manage the situation appropriately, I do not think the company needs to fear. I guess their main fear could be the quantum computers.

Although many people may be afraid of Binance not to get hacked again. Bitcoin will survive it though.

[DiMarxist]

If the sole purpose of this planned sale is due to the threat of Hacking and that, of the so called quantum technology threat then that is not a very cogent reason for Next technology to sell their holding. I see no reason for this planned move it selling out of fear which is not a good one, and only comes from holder's that has not developed enough confidence in Bitcoin as a technology.

Even though we have seen a rise in the cases of hack which has, affected major exchanges. That doesn't mean that all holder's should sell because they feel that their Bitcoin is not secure, this is like someone going to the bank and withdrawing his bank saving because, he heard that a bank was hacked.

[Maslate]

There was a topic I brought to this forum about quantum fear: https://bitcointalk.org/index.php?topic=5598166.msg67286946#msg67286946

Some will say we overreact on QC, but for me, I believe it's really a threat.

There's no QC capable of breaking Bitcoin yet but this series of attacks has been alarming already.

This is an example of it, but with the company also having fear of exchange collapsed.

I think after Binance was able to manage the situation appropriately, I do not think the company needs to fear. I guess their main fear could be the quantum computers.

Although many people may be afraid of Binance not to get hacked again. Bitcoin will survive it though.

They haven't sold it but are considering it, and I don't think that will change their thinking even if Binance has resolved it because their fear is not about restoration but about a possible bigger attack where many exchanges will be affected and when that happens there's a big possibility that people will panic, and you know what comes next Bitcoin will dump.

But for them to sell at the current price, looks stupid honestly.

[Hatchy]

QC is even mentioned here, seem it's a real threat for them.

I made a reply here the other day, explaining why I believe individual investors, rather than institutions, are more likely to have the courage to hold their Bitcoin. The same reasoning applies here, especially during bear markets and periods of uncertainty, such as what we are experiencing with these crypto hacks.

To some extent, institutions may be less willing to hold through losses because they know they are managing other people's money. But then, this might apply more to smaller companies, as some of the bigger institutions may simply look for ways to improve their security systems rather than sell their holdings. The coming days might be difficult, so I wouldn't be surprised if some of these companies started selling out of fear and uncertainty.

[Mrbluntzy]

This is my first time of hearing a company that is into Bitcoin express such fear, to the extent of wanting to sell their Bitcoin. According to the reports I have read about this binance hack, the money was stolen from their hot wallet, if it was in their cold storage, I doubt that it would have been possible for the scammers to succeed, so I also blame binance for keeping such a huge amount in a hot wallet. Othee companies that are into Bitcoin for long term profit only like to sell if their is need foe the money just as Strategy sold some Bitcoin earlier this year, it was not out of panic the way Next Tech Holdings want to do now.

[BIT-BENDER]

There was a topic I brought to this forum about quantum fear: https://bitcointalk.org/index.php?topic=5598166.msg67286946#msg67286946

This is an example of it, but with the company also having fear of exchange collapsed.

I think after Binance was able to manage the situation appropriately, I do not think the company needs to fear. I guess their main fear could be the quantum computers.

Although many people may be afraid of Binance not to get hacked again. Bitcoin will survive it though.

I thought as much because this won't be the first time an exchange is getting hacked, yes we have to consider that this is the biggest exchange hack in history but regardless there have been countless times exchanges got hacked also exchange owners have actually also mismanaged users funds so basically with exchange alot of things has happened and this may not be the end.
I agree with you that it is more of quantum computers but still I don't think they are making the right decision, I doubt If they actually ever believed in Bitcoin at all.

[348Judah]

Looks like this company, Next Technology Holding, is now in panic mode due to the Binance hack.

They are considering selling or pledging up to 5,833 BTC as they seem to be losing trust in exchanges. Probably afraid that something similar could happen again, even though their Bitcoin isn't held on Binance.

Saying this does not change anything about the risk at hand; if they are still holding their asset with a centralized exchange, then they should know that one day it will be the turn of that particular exchange to get hacked or go bankrupt. What are they thinking of when they are expected to make a quick move by holding their assets in a non-custodial wallet? It will always be that: not your keys, not your coins.

[Ziskinberg]

This is my first time of hearing a company that is into Bitcoin express such fear, to the extent of wanting to sell their Bitcoin.

Tesla had sold the majority of its Bitcoin holdings before as well, but that was due to the fear of COVID and the bear market. So it's not the first time a company has sold a huge portion of its Bitcoin holdings, as Tesla already did that back in 2022.

Tesla Sold $936M Worth of Bitcoin in Second Quarter

CEO Elon Musk said during Tesla's earnings call that the company sold the majority of its bitcoin to maximize its cash position, "given the uncertainty of the COVID lockdowns in China." He added, however, that Tesla is open to boosting its bitcoin exposure in the future, and "this should not be taken as some verdict on Bitcoin." Musk also said Tesla had not sold any of its dogecoin.

But this one in the news is quite different as it's a loss of confidence on the exchanges. I find it more serious.

[decodx]

Selling or pledging thousands of BTC when your own coins aren't even on the exchange makes zero sense to me. Panic mode for real. Bringing up quantum computing just seems like an arbitrary buzzword which is being used to make excuses should they want to cash out for other reason such as maybe liquidity problems? IMO paper handing that much coin purely out of pure FUD is a massive L for a publicly listed company.

There's no QC capable of breaking Bitcoin yet but this series of attacks has been alarming already.

Your logic doesn't hold up. It's like saying, "No, the sun hasn't exploded yet, but there have been a series of earthquakes around the globe."

What does the first thing have to do with the second? None of these "series of attacks" were directed at the Bitcoin protocol or blockchain itself, nor did they have any connection whatsoever to quantum computers.

[Mia Chloe]

~snip

These constant hack scenarios actually pose a threat to both centralized platforms and bitcoin price. To start with the binance hack already caused this recent price drop and these guys now contemplating on selling is also another threat to price too. The moment they swell price will still drop.

Actually I genuinely missed when it seemed like almost nothing like these could potentially influence the price movement of bitcoin but the opposite is the reality today.

[Alvin_talk]

Well, considering the controversies surrounding their CEO Weihong Liu, I don't even think it is necessary to take anything from this company so seriously. It's only a company that lacks technical experts that would be so scared on things such as quantum. The subject of how to mitigate potential quantum attacks have been discussed countless times here but then again we have this clueless organisation thinking of selling their holdings just because of FUD. Let them sell, they will surely regret in the long run.

According to the reports I have read about this binance hack, the money was stolen from their hot wallet, if it was in their cold storage, I doubt that it would have been possible for the scammers to succeed, so I also blame binance for keeping such a huge amount in a hot wallet.

I don't know why you are putting blames on binance unnecessarily. How do you expect binance to handle instant automated withdrawals without keeping some coins on hot wallet? Keeping coin in hot wallets enables more robust and efficient service to customers. This is a necessary practice if you intend to satisfy your customers so you can't fault them for doing so.

[goldkingcoiner]

Looks like this company, Next Technology Holding, is now in panic mode due to the Binance hack.

They are considering selling or pledging up to 5,833 BTC as they seem to be losing trust in exchanges. Probably afraid that something similar could happen again, even though their Bitcoin isn't held on Binance.

bad move I would say, especially if they end up selling out of fear.

A Nasdaq-listed company may sell $450 million bitcoin, citing Binance hack and quantum fears
Next Technology Holding cited exchange security and quantum computing risks in authorizing sales or loans against its 5,833 BTC. It says none of the coins are held at Binance.

QC is even mentioned here, seem it's a real threat for them.

I think that showing this kind of desperation/weakness is not a good move and will only harm them further. They really should have kept their cool. If I was an investor in Next Technology Holding, I would bail right now, after seeing them panic like this.

Hell, even newbies are not panicking and the price of Bitcoin has barely been affected after the hack.

It really showcases their unprofessionalism and that is really the death blow they have dealt themselves.

[Majestic-milf]

 It's a dumb move if you ask me. Why sell when the issue with Binance has been resolved (sort of)? This will not be the last time we hear of hacks and the fact that Next Technology is losing hope in exchanges begs the question; selling off their whole Bitcoin because of rising concerns in the market means they won't hold Bitcoin again?
 Although it's just a decision they are thinking of carrying and no transactions have been made yet but I just feel that before they panic and sell, they should think it through.

[macson]

bad move I would say, especially if they end up selling out of fear.

They have full rights to sell. After all, they are a business, and the investment they made was also meant to earn a profit. It's just kind of funny when institutions like them sell out of panic because of QC and Binance hacking.

As an institution, they should be able to make decisions based on analysis, not emotional reactions that make them seem like 'individuals' who don't understand what they're investing in.

[knuckey]

There could be a reason behind it, not just panic, indeed the Binance hack made many investors panic, and so did I, I sold it, but I don't regret it because I can buy it back anytime, storing bitcoin anywhere will never be safe as long as we have internet access, we don't know when our device will be infiltrated, we can only prevent it by not having much activity on the main device connected to the wallet

[Antidote47k]

Well previously the company had considered selling bitcoin periodically for General corporate purposes and also the possibility of using their btc as collateral for financing so I’m not surprised about this news, the authorization isn’t too far of their previous strategy.

The company could also be confusing custody risk with bitcoin ownership risk, if their reason is that an exchange or a custodian could be hacked then simply changing custody address that risk, if their concern is the possibility of bitcoin cryptography eventually being compromised by quantum computing then moving coins to a different custodian does not solve that risk and also while selling their bitcoin would prevent both outcomes, they stand to lose the potential future appreciation of bitcoin.

[pooya87]

This type of news is always fantastic in my opinion. We don't need centralized companies that turn into huge whales by owning a large sum of bitcoins to be in this market. The more they sell their massive stashes, the better it is for bitcoin market since they aren't selling it into the void; when they sell those coins they re-enter the market and distribute among individual hodlers. That greatly helps improve the distribution of bitcoin and consequently makes market manipulation (eg. the panic sell of half a billion worth of coins) that much harder. Something that will decrease the volatility over time.

[freedomgo]

This type of news is always fantastic in my opinion. We don't need centralized companies that turn into huge whales by owning a large sum of bitcoins to be in this market. The more they sell their massive stashes, the better it is for bitcoin market since they aren't selling it into the void; when they sell those coins they re-enter the market and distribute among individual hodlers. That greatly helps improve the distribution of bitcoin and consequently makes market manipulation (eg. the panic sell of half a billion worth of coins) that much harder. Something that will decrease the volatility over time.

It would be great if it happens that way but there's still no assurance that those individuals who are holding will not panic. If these companies who were confident in buying before have now decided to sell how much more the individual investors.

I wouldn't speculate too much but I just hope that individual investors will outnumber the institutional investors as we don't want them to dominate the market, and yes they can manipulate it if they want as they can influence the market but that's not really the concern here, the main concern is that investors might slowly lose trust in the market because of the recent hack and it's not a good image for crypto especially since there's another one that was reported yesterday.

[Maslate]

Your logic doesn't hold up. It's like saying, "No, the sun hasn't exploded yet, but there have been a series of earthquakes around the globe."

What does the first thing have to do with the second? None of these "series of attacks" were directed at the Bitcoin protocol or blockchain itself, nor did they have any connection whatsoever to quantum computers.

Sorry for the confusion , what I meant is the series of attacks on exchanges that are not yet related to QC, because the biggest fear is QC, so what would happen if this QC were used to disrupt the entire market. That's their fear since they have included QC in their statement as one of the reasons why they sold.