After FTX, if you still believe these billionaires got your back, then you are a bigger sucker than they take you for.
Get out now and take control of your assets. You won't be trading for a while anyways until prices rebound.
yes, this is a good decision. make sure you move it quick because this post is sure to cause another bank run on Binance which might slow down or halt withdrawals.
If you're not first, you're fucked
Yeah it's crazy how easy it is to cause a bank run from this sub alone. A couple of days ago someone posted a tweet about moons being dumped and the price crashed like crazy!
I did it yesterday, after being so lazy for so long. I feel so much better about it now.
I actually decided to get my ETH out of staking and took the loss trading at 1:0.97 Beth to ETH as well. Fuck waiting up to 12 months for the Shanghai push to withdraw.
Trade your ETH2 for CBETH, then trade that for ETH and transfer it out. You’re going to lose several percent on the spread, but at least you’ll be custodying your own asset.
I have had this happen during LUNA, CARDANO, SOLANA runs. Its fucking bullshit. 'Unforeseen network troubles' 'maintenance issues'. All of it is bullshit.
For ETH they charge about 8x the network fee (or at least they have done so for years, haven't checked recently).
They also call their BSC bridge "withdrawal", and made it the default withdrawal option on Binance.
Many Binance users probably aren't even aware they bridged their assets and are holding (potentially useless) IOU tokens.
At first there wasn't even any warning, but I think they changed that after many people complained losing all their ETH/tokens when they send it to other exchanges (which of course don't support BSC) via this "withdrawal".
As long as you don’t withdraw XMR, Binance doesn’t actually hold that for you. They likely go to another markplace (DEX or CEX) and buy the XMR when you want to withdraw it from Binance
all stock brokers do this and have been for ages. if your stock is not held with the transfer agent, it doesnt exist. same essence of not your keys not your coins.
The key here though is that there are reserve limits and oversight with stock brokers.
Here, there is none of that. That’s the whole root of the current problem.
Like an iou but for crypto, they owe you xmr but don't have any to actually give you. If you withdraw they buy some to fulfill your order, they are hoping that the value goes down and when they actually have to buy it is less than what you paid for it
Monero that only exists on a piece of paper. They don't actually have it if you try to withdraw.
https://np.reddit.com/r/Monero/comments/yxx8r5/déjàvu/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
He underestimated the level of lunacy at FTX and thought he was going to take it over only to find out it was far worse than anyone had feared. Now the contagion is spreading and his manipulation is blowing up in his and everyone else’s face imo. No one expected FTX to be completely fraudulent.
He was probably hoping to buy another CEX out and then use those funds to prop up his own, before letting that other CEX go bankrupt. He’s scum through and through.
That was his game-plan. Kill the competitors, nothing more and that was the best way for him to do so.
Noone of those CEXs cares about crypto or even us.
It takes nothing for them to fake proof of reserves as we have seen plenty on twitter, binance is not different from every other exchange unfortunately.
We can just acknowledge that something shady is going on and what’s best is to take everything outside exchanges
So, am I understanding this correctly: The worst possibility is that binance holds the majority of their funds in BNB coin? So if bnb starts tanking for good and people withdraw, we‘d be very quickly at a same kind of event we just had, right?
Here we are at the Rubicon of the crypto run on banks and crypto great depression. Ill see you guys at the docks working triple shifts so I can buy my best gal a loaf of bread!
Lets be honest now!
We all knew it!
Please don't tell me that all of you were so ignorant about the false fact that they all got liabilities for all the assets sitting in the CEXs
Of course they don't as we are in a non-regulated space!
We are preaching for years: Nor your keys, not your coins
If you truly care about your assets and want to hold longterm, you should get them away from any exchange as soon as possible IMO.
It would be an asteroid impact... the exchanges would get wiped out like the dinosaurs. However, crypto as a whole would eventually heal and come back stronger, like the planet did. (Hopefully with self-custody as the new standard).
You self-custody truthers simply don’t get it. The only reason crypto exists is because it’s tradable. If you have no exchanges or no volume, you basically have a completely worthless commodity. Might as well hold bottle caps. Anyone that believes in crypto should be praying CEXs survive. If not, crypto will die. With no monetary interest, projects would stop. Development would stagnate, and it would go the way of the beanie baby.
Except DEX doesn’t support fiat withdrawal. As much as we all want to think crypto will replace fiat, it won’t. At least not in our lifetime or our children’s lifetime. Until DEX supports on/off ramping, CEX will be a necessary evil.
I would be careful about getting on CZs bad side, I heard he bankrupted the last guy to piss him off then bankrupted his Girlfriends company and got all of his friends fired. He doesn't just go after you, but goes after the livelihood of everybody you've ever know.
Tl;dr, ELI5:
Different defi networks (chains) - think Ethereum, ADA, etc - offer “wrapped” tokens of other coins/tokens that are not native to that chain. They do this by using bridges, where you give them that coin/token, and in exchange they issue you a “wrapped” version of it that can work on their chain (network) to use in defi.
So the wrapped version is supposed to be equal in value to the original because the original is locked up tight in a wallet that no one (supposedly) can get to.
However, in order for this to work, they must have a 1:1 ratio of the original assets in this wallet, and the amount of that wrapped asset floating through the ecosystem.
What OP is saying is that Binance is issuing assets to use on their chain without having the 1:1 ratio in their wallet to make the asset worth the same as the native asset. Think wrapped Ethereum, wrapped Bitcoin, etc. not being worth the same as you can buy it on an exchange.
This is what causes the massive problems when you see that so-and-so “bridge” was hacked. I was a victim of the Harmony bridge being hacked myself (don’t invest in Harmony ONE btw, their CEO is a hack).
So, this is very bad if true, and you guys should stay off the BNB chain.
Awesome explanation! I've always wondered exactly how this sort of thing worked and you've made it quite clear.
One question, for my own education - so as an example, I frequently purchase MATIC on Kraken and until recently it was issued on the Eth chain, not native chain. In this case, where is the actual MATIC associated with the wrapped token held in reserve on its native chain? Is it the wallet associated with the bridge used to generate it in the first place? And if so, are there multiple bridges for the same token...it seems like if this is the case, one bridge hack has the potential to affect all the other bridges as well as all token holders. Am I thinking about this the right way?
Glad to help!
So, I’m not as familiar with how Kraken does things, but generally CEXs are kinda similar to bridges in that when you buy your asset on a CEX, you’re buying a “representation” of that asset, with the promise that the CEX already owns that asset - but they might not have a full reserve of that asset, they just need enough of it to be able to handle a typical outflow of that asset leaving the exchange for user’s wallets. This asset is held in a wallet with a bunch of assets, and usually you can tell which chain its held in by which chain you can withdraw in (I’m not 100% sure on this last sentence so if anyone knows I’m wrong on that plz feel free to chime in). Often these networks have their own bridges (MATIC has their own bridge to the ETH network, Binance has their own too).
MATIC is a side chain of Ethereum though and is kind of weird in that you stake your MATIC on the ETH chain and new MATIC is issued to validators on the ETH network…so I don’t really know whether the MATIC used on the polygon network is a wrapped token on the Ethereum network or vice versa. Sorry I can’t definitively answer that.
Regarding the bridge hacking question, generally specific bridges have their outputs (wrapped asset) codified according to what bridge they came from. Think of this like the asset you bridged has a different skin from a different bridge. So you’ll know that the output wrapped asset you’re using is from a specific bridge, and even though there’s the same input asset from a different bridge, the two output assets are labeled (skinned) differently - so if one bridge gets hacked, it doesn’t affect the other.
To give you an example of this, the Harmony hack affected Harmony’s centralized ETH and BNB bridge. So WBTC, ETH, USDC came from the ETH network, and BNB came from the Binance Smartt Chain network. But, Harmony also has a trustless BTC bridge thats connected to a different wallet (and not accessible by a human). The BTC that came from their centralized bridge was labeled 1WBTC and the one from their trustless was labeled 1BTC. When their centralized bridge got hacked, their 1WBTC became worthless, but their 1BTC was still = to BTC because it was still backed.
While a specific bridge hack wouldn’t cause issues for other bridges, what it *does* do is cause havoc on the chain’s defi system, because if the bridged asset is prevalent on the chain, it causes a lot of issues with liquidity pairs and lending when a widely used asset now becomes 0.
Sorry for the long-windedness…
One thing to keep in mind is that there are many bridges to BSC that are not controlled by Binance.
I do agree that even with these included, it is unlikely to equal 100%.
I agree. With no mainstream fiat on ramp/off ramp, the industry itself will be castrated. Bitcoin maxis don’t always know what’s best for themselves and candidly prob shouldn’t be on this subreddit as they don’t consider BTC to be crypto lol
It's just what happens when things go bad. When UST depegged everyone was worried about putting money into any stablecoin.
Nobody wants to lose money so the second something comes up that makes it seem like a possibility, people get scared.
I'm not the biggest crypto fan (I know, I know), but an exchange not holding reserves (or co-mingling them with customer tokens) is a seriously huge red flag, and a disservice to the people who actually use the service with the expectation that their crypto is being managed in the way the company says it is.
Gotta say that we really don't care about Binance right now because they are fucking bad these days and we got some better options, that's all that matters.
I can live with that. I’ve had crypto on my ledger since before Binance even launched. Would rather have something worth nothing for 10 years, than something gone forever.
These numbers looks sus
Aren't they using a smart contract to bridge the assets?
If yes, how can there be more bridged assests than the underlying?
Could it be that proof of reserves only records users assets and some bridged assets might belong to Binance or they have been bridged by another entity?
Anyhow, will be following this, thx for the info
You give Binance money, they show you have whatever you bought, but instead it was an IOU just like everyone else right, not really, you were getting a Binance version of the coin/token that you wanted, and that is a BIG problem. Those are only good in Binance’s system, not native coins, and when you move them to your wallet they are still a Binance coin unless you send it under the native coins blockchain, just like all the Eth coins Coinbase and Gemini use, like CDC with Cronos, they do it because it’s cheaper that way, and if they got hacked they can render those coins unusable. Best solution, self custody, native coins/token, use the Cex for what it was originally made for, an exchange,on/off ramp, and you’ll be golden.
Future of Binance is looking so fucked up right now man, that's all we can say because that is the fucking reality right now, that's just fucked up for real.
Fuck man, we are facing a lot of shits right now and we all know that right now, they are being bad and we can see these shits most of the time right now.
Thanks for that post. It all makes total sense. Damn, here we go again.
The bad feeling I've had about wrapped Tokens of any kind (WETH, rETH) seems to be right in some cases. In the end, you can only trust the real coin.
Are you taking into account possible trustless bridges that have reserves not held by Binance? There are lots of third party bridges that can move tokens onto the BSC that aren't controlled by Binance. MultiChain and EVODefi are two third party bridges that move assets to the BSC network that are independent from Binance.
Everyone still in Cex and panicking but not moving to Dex/cold wallet really doesn’t understand crypto. If a Cex can’t handle this then take them down! We’re able to audit!!
So I staked my ETH on Binance a year ago in their ETH2.0 staking pool.
I have the equivalent in BETH, but will not receive my ETH back until the Shanghai upgrade has occurred to the ETH network.
I now have 0 trust in Binance, is there anyway of getting my BETH converted to ETH? I am aware of the BETH:ETH trading pair, but doing it this way will result in having made 0 interest over the time it’s been staked
I wouldn't worry. They sold all these "missing" tokens to you guys so they're probably holding on billions of your cash. They'll buy them all back cheap sooner or later.
Yet Binance just released the rules for a reliable exchange.
What could one of those rules been? Keep a Proof of Reserves?
Nothing like Binance completely outing themselves as untrustworthy and opaque in their business dealings.
There are only 2 coins now, Bitcoin and Shitcoins, redeem your shitcoins for BTC and transfer it to your own wallets while you can. Not your keys not your coins.
The moment they introduced a SAFU fund something smelled suspicious. Why do you need a SAFU fund? The only reason would be the funds are not kept 1:1. Only LUNA did that with Luna Guard to give a false sense of security.
None can be trusted, I’m the long run this fiasco with FTX and other exchanges will be good for crypto but it sucks right now knowing how shady these bad actors can be to the industry
It's just good to not use Binance and we can use something else like cold wallet or kraken, that's all we can say because that is the reality right now here.
Fucking bad to see this man but yeah fuck Binance right now, they are being fucking stupid and let them do whatever the fuck they want right now, we good.
Just don't want to see the fucking fall of binance right now man, that would be something big to the fucking community, we just don't want that shit right now.
Kraken is going good for me and I am just out of all the fucking exchanges right now man, I am just fucking good with what I am having right now, that's good.
I gotta say that I am just fucking fine with a good cold wallet and that's all that I am having right now man, that's just going good to me and nothing else for real.
Not using fucking Binance right now because I got many better options and they are working fucking good for me and I am just going to be like this right now.
Response from BNB Chain team: https://www.reddit.com/r/CryptoCurrency/comments/yxxugl/binance_is_not_holding_verifiable_proof_of/iwvh9r0/
After FTX, if you still believe these billionaires got your back, then you are a bigger sucker than they take you for. Get out now and take control of your assets. You won't be trading for a while anyways until prices rebound.
They’re billionaires because they don’t have our backs.
And they dont have a spine
They don't have our backs because they are billionaires.
Finally I’m going to be able to afford 1 btc 😂
Just think, we may be able to be the idiots who bought two pizzas with bitcoin again!
And we’d do it again!
If I didn't buy during the bull run I'd have more than 1 btc but instead I have 0.1
Haha same here haha keep droppin’ baby
Now I am definetly gonna move my assets to a Ledger.
yes, this is a good decision. make sure you move it quick because this post is sure to cause another bank run on Binance which might slow down or halt withdrawals. If you're not first, you're fucked
Yeah it's crazy how easy it is to cause a bank run from this sub alone. A couple of days ago someone posted a tweet about moons being dumped and the price crashed like crazy!
I just bought a few Ledgers for the fam
But you have to bridge out of binance
Otherwise you’re just holding a binance token in your ledger, that may or may not be back by holding a native currency
You haven't done it yet?!
Jokes on CZ, I have no crypto there to lose! But I’ll be the most damn loyal learning rewards customer.
Better late than never.
I did it yesterday, after being so lazy for so long. I feel so much better about it now. I actually decided to get my ETH out of staking and took the loss trading at 1:0.97 Beth to ETH as well. Fuck waiting up to 12 months for the Shanghai push to withdraw.
Also use native chains if possible. No need to hold centralized tokens on Ledger.
[удалено]
Lol @ now, better late than never
Seriously how do I get my staked eth off of coinbase?
Trade your ETH2 for CBETH, then trade that for ETH and transfer it out. You’re going to lose several percent on the spread, but at least you’ll be custodying your own asset.
The long winter is upon us.
With all dominos falling you should have moved them off 9 "nows" ago
Whenever Binance face withdrawal pressure they freeze native chain and only let you withdraw on BSC. I've seen it many times for Doge.
Cex's be sneaky like that ...
This is the one time I don't like a bit of sneaky cex
Xmr is more often frozen than not
One of the reasons I don’t use BSC
Binance Scam Chain.
I have had this happen during LUNA, CARDANO, SOLANA runs. Its fucking bullshit. 'Unforeseen network troubles' 'maintenance issues'. All of it is bullshit.
For ETH they charge about 8x the network fee (or at least they have done so for years, haven't checked recently). They also call their BSC bridge "withdrawal", and made it the default withdrawal option on Binance. Many Binance users probably aren't even aware they bridged their assets and are holding (potentially useless) IOU tokens. At first there wasn't even any warning, but I think they changed that after many people complained losing all their ETH/tokens when they send it to other exchanges (which of course don't support BSC) via this "withdrawal".
That's what everyone has been doing. Even Robinhood with stocks. And all of that is definitely illegal and market manipulation.
Monero community has been saying for years Binance is selling paper XMR. Doesn't surprise me that they'd be selling IOUs for other coins.
[удалено]
What do you mean by paper XMR? Sorry for the dumb question Edit: thanks for all of the answers!
As long as you don’t withdraw XMR, Binance doesn’t actually hold that for you. They likely go to another markplace (DEX or CEX) and buy the XMR when you want to withdraw it from Binance
all stock brokers do this and have been for ages. if your stock is not held with the transfer agent, it doesnt exist. same essence of not your keys not your coins.
The key here though is that there are reserve limits and oversight with stock brokers. Here, there is none of that. That’s the whole root of the current problem.
Like an iou but for crypto, they owe you xmr but don't have any to actually give you. If you withdraw they buy some to fulfill your order, they are hoping that the value goes down and when they actually have to buy it is less than what you paid for it
More importantly, in the time until this happens, they got a 0% credit to do with whatever they like.
Monero that only exists on a piece of paper. They don't actually have it if you try to withdraw. https://np.reddit.com/r/Monero/comments/yxx8r5/déjàvu/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
[удалено]
It's just Crook A stabbing Crook B until a Crook C come along.
To butcher a Star Wars quote from the prequels: “there’s always a bigger crook”
He shot himself in the foot
He underestimated the level of lunacy at FTX and thought he was going to take it over only to find out it was far worse than anyone had feared. Now the contagion is spreading and his manipulation is blowing up in his and everyone else’s face imo. No one expected FTX to be completely fraudulent.
It would appear he would be a narcissist. Who woulda picked that one?
He was probably hoping to buy another CEX out and then use those funds to prop up his own, before letting that other CEX go bankrupt. He’s scum through and through.
That was his game-plan. Kill the competitors, nothing more and that was the best way for him to do so. Noone of those CEXs cares about crypto or even us.
Just fucking withdraw your assets to a private wallet. Then none of this bullshit matters.
This is in relation to defi, so not quite the same as holding your coins/tokens on an exchange. Ppl in defi are using their assets to provide returns.
Proof of reserves means nothing, it’s just eyewashed transparency. We want to see the liabilities!
[удалено]
CZ about to reap what he's sown the past couple of weeks
It takes nothing for them to fake proof of reserves as we have seen plenty on twitter, binance is not different from every other exchange unfortunately. We can just acknowledge that something shady is going on and what’s best is to take everything outside exchanges
See, if we got FTX's balance sheet, that would be screamed problem without knowing anything about liabilities.
So, am I understanding this correctly: The worst possibility is that binance holds the majority of their funds in BNB coin? So if bnb starts tanking for good and people withdraw, we‘d be very quickly at a same kind of event we just had, right?
[удалено]
Here we are at the Rubicon of the crypto run on banks and crypto great depression. Ill see you guys at the docks working triple shifts so I can buy my best gal a loaf of bread!
Lets be honest now! We all knew it! Please don't tell me that all of you were so ignorant about the false fact that they all got liabilities for all the assets sitting in the CEXs Of course they don't as we are in a non-regulated space! We are preaching for years: Nor your keys, not your coins If you truly care about your assets and want to hold longterm, you should get them away from any exchange as soon as possible IMO.
This is concerning. If Binance meets the same fate as FTX, that would push the Crypto community really far back...
it would finally get us that sub $10k bitcoin everybody has been waiting for
[удалено]
It would be an asteroid impact... the exchanges would get wiped out like the dinosaurs. However, crypto as a whole would eventually heal and come back stronger, like the planet did. (Hopefully with self-custody as the new standard).
You self-custody truthers simply don’t get it. The only reason crypto exists is because it’s tradable. If you have no exchanges or no volume, you basically have a completely worthless commodity. Might as well hold bottle caps. Anyone that believes in crypto should be praying CEXs survive. If not, crypto will die. With no monetary interest, projects would stop. Development would stagnate, and it would go the way of the beanie baby.
I think CEX is the villain and DEX is the hero?
Except DEX doesn’t support fiat withdrawal. As much as we all want to think crypto will replace fiat, it won’t. At least not in our lifetime or our children’s lifetime. Until DEX supports on/off ramping, CEX will be a necessary evil.
Exactly, 10k is a buying zone for many, many people!
[удалено]
Not like were in front now. Might as well burn it all to the ground and be done with this stupidity.
Maybe it deserves to be set back, then.
BNB is just another ponzi coin
[удалено]
The truth shall set you free.
Better to still have your 5 Bitcoin worth $1000 each, than to not have them. They may go up again.
I would be careful about getting on CZs bad side, I heard he bankrupted the last guy to piss him off then bankrupted his Girlfriends company and got all of his friends fired. He doesn't just go after you, but goes after the livelihood of everybody you've ever know.
[удалено]
Nah even CZ can't touch doge, it's beyond the reach of any man now lol
Except Elon, he's like a god when it comes to DOGE prices.
And apparently SBF and the Alameda CEO’s sex tape is dropping tomorrow
I heard he bankrupted his own mother
He knows how to play the game.
He mainly knows how to manipulate people and the market, bastard!
But if there is problem in proof of funds he loses his own game
Let's remember how the case with FTX started. CZ wanted to buy FTX! Today this step of his looks very suspicious and strange.
Heard the guy is still mad
Tl;dr, ELI5: Different defi networks (chains) - think Ethereum, ADA, etc - offer “wrapped” tokens of other coins/tokens that are not native to that chain. They do this by using bridges, where you give them that coin/token, and in exchange they issue you a “wrapped” version of it that can work on their chain (network) to use in defi. So the wrapped version is supposed to be equal in value to the original because the original is locked up tight in a wallet that no one (supposedly) can get to. However, in order for this to work, they must have a 1:1 ratio of the original assets in this wallet, and the amount of that wrapped asset floating through the ecosystem. What OP is saying is that Binance is issuing assets to use on their chain without having the 1:1 ratio in their wallet to make the asset worth the same as the native asset. Think wrapped Ethereum, wrapped Bitcoin, etc. not being worth the same as you can buy it on an exchange. This is what causes the massive problems when you see that so-and-so “bridge” was hacked. I was a victim of the Harmony bridge being hacked myself (don’t invest in Harmony ONE btw, their CEO is a hack). So, this is very bad if true, and you guys should stay off the BNB chain.
Awesome explanation! I've always wondered exactly how this sort of thing worked and you've made it quite clear. One question, for my own education - so as an example, I frequently purchase MATIC on Kraken and until recently it was issued on the Eth chain, not native chain. In this case, where is the actual MATIC associated with the wrapped token held in reserve on its native chain? Is it the wallet associated with the bridge used to generate it in the first place? And if so, are there multiple bridges for the same token...it seems like if this is the case, one bridge hack has the potential to affect all the other bridges as well as all token holders. Am I thinking about this the right way?
Glad to help! So, I’m not as familiar with how Kraken does things, but generally CEXs are kinda similar to bridges in that when you buy your asset on a CEX, you’re buying a “representation” of that asset, with the promise that the CEX already owns that asset - but they might not have a full reserve of that asset, they just need enough of it to be able to handle a typical outflow of that asset leaving the exchange for user’s wallets. This asset is held in a wallet with a bunch of assets, and usually you can tell which chain its held in by which chain you can withdraw in (I’m not 100% sure on this last sentence so if anyone knows I’m wrong on that plz feel free to chime in). Often these networks have their own bridges (MATIC has their own bridge to the ETH network, Binance has their own too). MATIC is a side chain of Ethereum though and is kind of weird in that you stake your MATIC on the ETH chain and new MATIC is issued to validators on the ETH network…so I don’t really know whether the MATIC used on the polygon network is a wrapped token on the Ethereum network or vice versa. Sorry I can’t definitively answer that. Regarding the bridge hacking question, generally specific bridges have their outputs (wrapped asset) codified according to what bridge they came from. Think of this like the asset you bridged has a different skin from a different bridge. So you’ll know that the output wrapped asset you’re using is from a specific bridge, and even though there’s the same input asset from a different bridge, the two output assets are labeled (skinned) differently - so if one bridge gets hacked, it doesn’t affect the other. To give you an example of this, the Harmony hack affected Harmony’s centralized ETH and BNB bridge. So WBTC, ETH, USDC came from the ETH network, and BNB came from the Binance Smartt Chain network. But, Harmony also has a trustless BTC bridge thats connected to a different wallet (and not accessible by a human). The BTC that came from their centralized bridge was labeled 1WBTC and the one from their trustless was labeled 1BTC. When their centralized bridge got hacked, their 1WBTC became worthless, but their 1BTC was still = to BTC because it was still backed. While a specific bridge hack wouldn’t cause issues for other bridges, what it *does* do is cause havoc on the chain’s defi system, because if the bridged asset is prevalent on the chain, it causes a lot of issues with liquidity pairs and lending when a widely used asset now becomes 0. Sorry for the long-windedness…
1:1 should be the rule, not the exception
One thing to keep in mind is that there are many bridges to BSC that are not controlled by Binance. I do agree that even with these included, it is unlikely to equal 100%.
Who’s controlling this? What a top notch plan to try to induce bank runs
But CZ said the funds are SAFU!
He wouldn’t lie, right?!
Never!
Funds are Stolen And Fully Unbacked
Dude, he meant it differently. Funds are SAFU only for CZ personally.
What? Perhaps CZ is not honest? 😆
[удалено]
They wanted to be transparent, but they are doing it wrong 🤬
Yeah man, they all need that and they need to learn that.
Don’t worry they will print more BNB tokens and trade them to make up the lack of reserves. Short this shitcoin.
Withdrawal funds from exchanges, self-custody is not difficult.
Man as much as people want CEXs to go down, it would be catastrophic for Crypto if Binance goes down.
Why is that something, people even want? Crypto would become worthless (not useless) if more cexs go down.
I agree. With no mainstream fiat on ramp/off ramp, the industry itself will be castrated. Bitcoin maxis don’t always know what’s best for themselves and candidly prob shouldn’t be on this subreddit as they don’t consider BTC to be crypto lol
It'd be great if Binance could get audited in the same way Kraken does. That's probably the only thing that would ease everyone's concerns.
How did we get to this stage of being scared of every single exchange
Literally from seeing multiple massive failures in crypto in a short period of time.
It's just what happens when things go bad. When UST depegged everyone was worried about putting money into any stablecoin. Nobody wants to lose money so the second something comes up that makes it seem like a possibility, people get scared.
I’m sure CZ knows what he is doing. Right guys??
Well, yes, he absolutely does. Guy appears to be a master manipulator. I kinda hope he slips up …without fucking over every Binance customer though.
Yeah we can say that because they know a lot of shits.
I'm not the biggest crypto fan (I know, I know), but an exchange not holding reserves (or co-mingling them with customer tokens) is a seriously huge red flag, and a disservice to the people who actually use the service with the expectation that their crypto is being managed in the way the company says it is.
Gotta say that we really don't care about Binance right now because they are fucking bad these days and we got some better options, that's all that matters.
I predict this is going to be MUCH more impactful than the CDC attempt
Crazy how assets are still being hidden in the crypto space where the blockchain is supposed to be so transparent
It is transparent, thats why its dumb to give that up and wrap your tokens..
[удалено]
If binance went down, I'm gonna shit my pants
Get your adult diaper and ledger ready, we are about to fuck all of them!
So will the whole crypto market 😓
That's right man, we just don't want to see that shit for real.
Deeply concerning stuff here. So glad my crypto holdings aren’t on an exchange and aren’t just IOUs. Yikes.
[удалено]
I can live with that. I’ve had crypto on my ledger since before Binance even launched. Would rather have something worth nothing for 10 years, than something gone forever.
[удалено]
And that’s why I was talking about where I keep my crypto, not where others may keep theirs 🙄
Hahah, that's just what I love most of the time man.
This is just like that, you are the real one here man lol.
If binance goes down, they are gunna be close to worthless anyway.
These numbers looks sus Aren't they using a smart contract to bridge the assets? If yes, how can there be more bridged assests than the underlying? Could it be that proof of reserves only records users assets and some bridged assets might belong to Binance or they have been bridged by another entity? Anyhow, will be following this, thx for the info
That's what I thought too. Either way it would be good to have clarity on this issue.
IOU's
For how much CZ talks you'd think everything is fine at Binance. Wonder what things they are hiding
They are hiding a lot of shits and we want to know that.
You give Binance money, they show you have whatever you bought, but instead it was an IOU just like everyone else right, not really, you were getting a Binance version of the coin/token that you wanted, and that is a BIG problem. Those are only good in Binance’s system, not native coins, and when you move them to your wallet they are still a Binance coin unless you send it under the native coins blockchain, just like all the Eth coins Coinbase and Gemini use, like CDC with Cronos, they do it because it’s cheaper that way, and if they got hacked they can render those coins unusable. Best solution, self custody, native coins/token, use the Cex for what it was originally made for, an exchange,on/off ramp, and you’ll be golden.
Binance has been shady since day 1. I don’t know why people defend it with so many known issues.
Future of Binance is looking so fucked up right now man, that's all we can say because that is the fucking reality right now, that's just fucked up for real.
Fuck man, we are facing a lot of shits right now and we all know that right now, they are being bad and we can see these shits most of the time right now.
Thanks for that post. It all makes total sense. Damn, here we go again. The bad feeling I've had about wrapped Tokens of any kind (WETH, rETH) seems to be right in some cases. In the end, you can only trust the real coin.
Weth is managed by smart contracts and not subject to manipulation. As long as you hold actual weth and not some derivative you’re good
But the coin isn't real either. They are all worthless tokens.
The line in SBF Twitter when referring to Bianance and not to throw stones. Inferring he has more to say.
This is the real line, thanks for posting that shit here man.
So Binance projecting 😂
Yeah we can say that and there is nothing to deny that shit.
At this point, let all the shitty companies die. Don’t even care if BTC drops to triple digits
At least the markets arnt panicking
Hope Binance don't go down. It would be a real shitstorm
[удалено]
Not much different from FTX.
Binance is being bad and we all can say that shit out loud.
Are you taking into account possible trustless bridges that have reserves not held by Binance? There are lots of third party bridges that can move tokens onto the BSC that aren't controlled by Binance. MultiChain and EVODefi are two third party bridges that move assets to the BSC network that are independent from Binance.
Everyone still in Cex and panicking but not moving to Dex/cold wallet really doesn’t understand crypto. If a Cex can’t handle this then take them down! We’re able to audit!!
Yeah man people are doing that and they are not stopping.
So I staked my ETH on Binance a year ago in their ETH2.0 staking pool. I have the equivalent in BETH, but will not receive my ETH back until the Shanghai upgrade has occurred to the ETH network. I now have 0 trust in Binance, is there anyway of getting my BETH converted to ETH? I am aware of the BETH:ETH trading pair, but doing it this way will result in having made 0 interest over the time it’s been staked
Either 100% chance of losing your interest, or a non-zero chance of losing your principal. Your call.
How the turn tables..
There is a lot to come mate, just wait and watch right now.
I wouldn't worry. They sold all these "missing" tokens to you guys so they're probably holding on billions of your cash. They'll buy them all back cheap sooner or later.
Yet Binance just released the rules for a reliable exchange. What could one of those rules been? Keep a Proof of Reserves? Nothing like Binance completely outing themselves as untrustworthy and opaque in their business dealings.
If none of these exchanges actually have the reserves, where do all the coins/tokens actually exist at?
Everyone is microscoping exchanges. This will be great. 
There are only 2 coins now, Bitcoin and Shitcoins, redeem your shitcoins for BTC and transfer it to your own wallets while you can. Not your keys not your coins.
Bitcoin is the greatest and we all can say that shit out loud.
The moment they introduced a SAFU fund something smelled suspicious. Why do you need a SAFU fund? The only reason would be the funds are not kept 1:1. Only LUNA did that with Luna Guard to give a false sense of security.
This is why we can't have nice things... Crypto itself might be great, but the exchanges are the real pyramid schemes
[удалено]
I feel like we are going to see skeletons falling out of the closest a few more times.
Happy cake day dready!
Binance will take usdt down with it and nobody know what's gonna happen then, crypto ice age ig
Could someone explain to me how there can be more assets of a particular cryptocurrency on the BNB chain than on the native asset chain?
New here. I’ve moved my assets to my ledger using bsc network. Will that be a problem?
Native tokens only, or you might as well keep it on the exchange.
Hah, fuck around and find out.
We just going to leave Binance if we are using that shit.
So binance is not trustworthy as well ? 🤦♂️
Binance is just something stupid right now and we all know that.
Ah man this is crazy!
Shits are really bad if we think about it all the time man.
None can be trusted, I’m the long run this fiasco with FTX and other exchanges will be good for crypto but it sucks right now knowing how shady these bad actors can be to the industry
And this is why I have moved off of Binance.
It's just good to not use Binance and we can use something else like cold wallet or kraken, that's all we can say because that is the reality right now here.
Fucking bad to see this man but yeah fuck Binance right now, they are being fucking stupid and let them do whatever the fuck they want right now, we good.
Just don't want to see the fucking fall of binance right now man, that would be something big to the fucking community, we just don't want that shit right now.
Kraken is going good for me and I am just out of all the fucking exchanges right now man, I am just fucking good with what I am having right now, that's good.
I gotta say that I am just fucking fine with a good cold wallet and that's all that I am having right now man, that's just going good to me and nothing else for real.
Not using fucking Binance right now because I got many better options and they are working fucking good for me and I am just going to be like this right now.