35 Burst results for "Binance"
What Bitcoin Did
Bitcoins Operation Chokepoint With Doomberg
"Yeah, we put out a piece this morning called Don Jerome, where we compared the events of the past week to the epic final act of The Godfather where Michael Corleone takes care of all of the family business in one fell swoop and it felt like that, especially on Sunday, when we saw this almost matter of fact, oh, by the way, we shut down signature bank as a throwaway paragraph in a fed press release about the resolution of Silicon Valley back. And lest anyone had any doubt what this was all about, a headline just crossed as we started to hit record here that one of the conditions of buying signature from the FDIC will be that the buyer ceases all crypto activities. And so that was very clearly a shot across the bow against the crypto world, which is something we had predicted and warned about for many years, of course, not alone. Many people thought the same thing. But to see that play out so brutally and so coldly and black and white and the speed with which both of the major payment rails into the crypto universe were blown up, the analogy is sort of like what happened to the Nord stream two pipelines. You know, you wake up one day and they're blown to smithereens. And so it's been fascinating. Well, it's quite interesting because it's also happening over here in the UK at the same time. So I've just got up here. And that west limits cryptocurrency transfers over scam fears, I know that I got an email from Gemini saying they've moved banking partner and binance pulls theirs as well. So it's not only happening in the U.S., but it's starting to feel coordinated over here as well. I don't know if you've seen this
HASHR8
Bitcoin Mining Stocks Rally As Fed Bails Out SVB
"Again, welcome to the podcast. Thanks for having me. Great. So we'll jump right into it. Let's just start off with low context here. We are recording Monday at 1130 mountain time. I guess one 30 p.m. Eastern Time. And the lay of the land is SVB, Silicon Valley bank was shuttered last week, silver gate bank announced that it was going to voluntarily liquidate itself about two weeks ago now, and then yesterday is Sunday, signature bank. There was announcement that the FDIC and state regulators had decided to shut down that bank. All three of these banks had touches on crypto, notably, silver gate and a signature were used quite often by crypto banks or crypto companies in order to bank. This morning we saw a lot of commercialized banks see their stocks halt trading of the New York Stock Exchange, SOM went down 60, 70%, just more contagion in the banking sector. On the flip side, we saw Bitcoin go up about 10%. It's about $24,000 as of right now. And that means that our favorite mining stocks are also shooting at quite a bit. Reminding stocks are often a beta play on top of Bitcoin, meaning if Bitcoin price goes up, Bitcoin might suck scope a lot. If Bitcoin goes down, mining stocks go down a lot. So right now, as of one 30 eastern our change leaders for the day, of course, scientific up 27% up to 21%, marathon up 18% in digi host of 18%. The smallest gain right now is mawson basically about flat. So big day for mining stocks, anything toss it over to you. It's weird to look at this picture though and try to see why Bitcoin is going up. The steam has made the most sense to me was binance did announce they're buying $1 billion worth of Bitcoin ether and B and B this morning. But besides that it does seem to be some sort of narrative play, but there's not a strong link there at the moment. I'll be honest, I wasn't expecting the level of increase today that came as a bit of a shock with Bitcoin spite all the needs of the week and was right as you said about XV and the issues there and then these should we can sort of the banking institutions which again is mourning the markets initially. We've seen some recovery and of the UK bank HSBC have come in and informed the markets they are prepared to purchase the UK arm of SDB and so that will alleviate new take government having to sort of worry about the deposits for those people in there. So HTTP will sort that out.
CoinRabbit
What is FLOKI INU And How to get a FLOKI Loan
"4 p.m. Monday March 6th, 2023. What does folky I and you and how to get a floki loan? Floki inu is the people's cryptocurrency and utility token of the floki ecosystem. It was launched in September 2021. The name was inspired by Elon Musk's dog floki. Floki is an ERC 20 and BEP 20 compliant token. This means that it's a multi chain coin that runs on both the Ethereum and binance smart chain BSC blockchains. Read more the post wood is fluky I and you and how to get a floki loan first appeared on coin rabbit. The post wood is fluky I and you and how to get a floaty loan appeared first on coin rabbit.
Coin Edition
Banks Are a Risk to Fiatbacked Stablecoins, Binance CEO Says
"9 a.m. Sunday March 12th, 2023. Banks are a risk to Fiat backed stablecoins, binance CEO says. Chomping zhao, the CEO of binance, the largest crypto exchange expressed concerns on Twitter today about the safety of stablecoins baked with Fiat currencies following the bankruptcy of two prominent banks in the United States. Banks are a risk to Fiat back to stablecoins, zhao tweeted. A Twitter blue subscriber reasoned that Bitcoin and other cryptocurrencies came. The post banks are a risk to Fiat backed stablecoins, binance CEO says appeared first on coin edition.
CryptoSlate
Binance CEO CZ Banks are a risk to fiatbacked stable coins in reaction to SVB, USDC Depegging
"7 p.m. Sunday March 12th, 2023 Biden's CEO CZ banks are a risk to Fiat backed stablecoins in reaction to SVB, USD CD pegging. CZ, the CEO of binance has suggested purchasing the ailing Silicon Valley bank, which entered into a federal receiver ship on March 10th after it had been exposed due to risky lending practices. The post binance CEO CZ banks are a risk to Fiat backed stablecoins in reaction to SVB, USD CD pegging appeared first on crypto slate.
Bitcoin News
Binance Trains Ukraines Cyberpolice and Security Service
"10 p.m. Sunday March 12th 2023 Biden's trains Ukraine's cyber police and security service. Crypto exchange binance has organized training courses for representatives of law enforcement authorities in Ukraine. The leading coin trading platform has been involved in dozens of similar initiatives over the past year in a number of countries. Binance provides crypto training to security officials in Ukraine the world's largest digital asset exchange binance has provided
Protos
DoJ appeals against Voyager asset deal with Binance US
"1 p.m. Friday March 10th, 2023. DoJ appeals against Voyager asset deal with binance U.S. the DJS appeal against voyagers bankruptcy plan could confirm rumors that binance U.S. is under criminal investigation, just like Biden's. The post DoJ appeals against Voyager asset deal with binance U.S. appeared first on protos.
CryptoCompare
Market Analysis Report 08 Mar 2023
"10 a.m. Wednesday March 8th, 2023. Market analysis report march 8th, 2023. Voyager bankruptcy judge approves binance to U.S. 1.3 billion deals silvergate bank talks with FDIC to stay afloat MakerDAO proposes allocation of 750 million to U.S. treasuries.
CoinDesk Podcast Network
"binance" Discussed on CoinDesk Podcast Network
"Let's get to it. Okay, we're going to get to a new segment now. That's called inside the desk and we're joined by a very special guest that's Nick day. He is the head of regulatory coverage here at kinders. Hi Nick. Hey, how's it going? It's going great. So we're going to discuss one of the really big kahunas in crypto. That's binance. That's the world's largest crypto exchange by volume and it's really been a slew of bad news around this giant recently and the following FTX finance was really seen as the big fish, the ones who really take the mantle from FTX and SPF. But now it's really running into its own problems and we know that a lot of other journalists are looking into this from this outlet, another outlet, so I think we can expect some more bad news to come and just to pick up on three stories that we published very recently on coined S one was three senators from Congress. That's Elizabeth Warren, Chris van hollen, and roger Marshall have accused finance of being quote a hotbed of illegal financial activity. All right, so that was the first finance story. Ben, what's the next one? The second story was that an official from the SEC was on record as recently saying that binance U.S., which is the U.S. arm of binance, has been operating quote an unregistered security exchange in the United States and there are also questions linked to that as to whether binance U.S. and binance that domain company are as separate as has been claimed. So what about the third one? Forbes last week came up with a very big story that we also reported on that on a single day in August of 2022. A transaction of about $1.8 billion was basically unsecured. Sorry, it was a stable coin transaction. It was basically unsecured by collateral within the finances of binance for a certain period. And I think it's also worth noting that binance's reaction to all of these journalistic questions has been somewhat petulant. They've turned into response to questions by saying that journalists are simply spreading lies or FUD. And that's an interesting kind of modus operandi from a professional modern company to respond that way. Anyway, Nick, what do you make all of all of this? And where does finance go from here? And do you agree with this characterization that the problems are building up for the company? Yeah, I mean, I'll go from the last one first. I think there's definitely a lot more scrutiny now. There's always been scrutiny, right? We've heard of investigations from regulators around the world for years now, but it does kind of seem to be in such a place that if I'm an investigator and I'm seeing these reports, oh, you know, binance actually controls bank accounts type to binance U.S. or the separation is not quite as strong as they've been saying. Then that's a red flag. That's something that the investigation regulators are going to definitely be incorporating into whatever they eventually choose to do. But also kind of puts the pressure a little bit more on them to do something, right? And part of that is because, as you mentioned, binance was really looked at as the one stalwart after FTX collapsed. And I think regulators are not going to want to allow another FTX to happen. And if binance is in fact in a weird place, then regulators are going to feel the pressure to act to do something to prevent a similar kind of collapse that catches them by surprise. What that actually means for binance, you know, it's probably a little bit too soon to say, but it's definitely ramping up. We're seeing a lot more now than we did even 6 months ago about this company. Okay, so there's several issues going on at once and several different authorities, potentially could intervene here, whether that's the SEC or Congress itself. What do you think is the most serious for the company and where do you see the action coming from? Probably twofold. For binance U.S., the SEC bringing in enforcement action would probably be the biggest issue. So as you mentioned, an SEC attorney is told a bankruptcy court on Friday last week that binance U.S. made operating in unregistered securities exchange. Now, this doesn't have the actual commission backing at this point. This is just a staff assertion. There's no enforcement action that we've seen yet. So it could be that this leaves nowhere. The other side is the U.S. Department of Justice, I think, might actually be the more serious contender for entity most likely to pose a danger to finance. We know that there have been DoJ investigations of going on for a while. We know that binance's view is that they'll probably have to pay a fine and settle these charges, but that's assuming that the DoJ is willing to play ball on that. If the DoJ says, okay, yeah, we're fine with settling and just you paying a fine and promising never to do anything illegal every again. We're cool. But if the evidence is strong enough and the DoJ feels like it has enough evidence, they could actually just go for an actual enforcement action, they could sue binance they could charge CZ and other executives. And I think that would probably be the biggest danger, right? Well, just a game that's out a little bit. I mean, you know, binance is not any old company, right? So if in the worst case scenario, binance did have the misfortune to be the next FTX, I mean, what would that mean for crypto? Do you think?
The Breakdown
Are the WSJ Articles on Binance and Tether Trial by Press?
"Let's kick off with some good old fashioned tether FUD. On Friday, The Wall Street Journal reported that tether had used falsified documents and shell companies to obtain bank accounts, citing emails leaked to the newspaper they discussed some of the tactics used by tether and their intermediaries back in 2018. The article claimed that an email from Stephen Moore, one of the owners of tether holdings limited, said that a major Chinese counterparty was trying to quote circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal. He wrote that it was too risky to continue with this method, considering his signature was on the fake invoices, and recommended that the counterparty abandoned its attempts to open the account, saying quote, I would not want to argue any of the above in a potential fraud slash money laundering case. In March 17, according to The Wall Street Journal, Wells Fargo stopped processing transaction from several Taiwanese accounts that tether had been using, and in a lawsuit filed against the bank, tether called the move quote, an existential threat to their business, but withdrew the lawsuit shortly thereafter. A few weeks later on a conference call with users, Phil Potter, tethers then chief strategy officer attempted to calm concerns, saying quote, we've had banking hiccups in the past. We've always been able to route around it or deal with it, open up new accounts or what have you. There's been lots of sort of cat and mouse tricks that everyone in the Bitcoin industry has to avail themselves of. The article also claims that another account opened up on behalf of tether in turkey was later used to funnel money to a Hamas linked terror organization. And on top of that, the article also chronicles an attempt to funnel money through Panama using a company called the crypto capital corporation. The company allegedly used a series of shell companies to move around more than $1 billion. In October 2018, around 850 million was seized by authorities in the U.S. and Europe during an investigation into bank fraud and alleged money laundering. The seizure caused ripples through the crypto ecosystem with tether losing its peg and making a loan to bitfinex its sister exchange to shore up tether's balance sheet. But for next claims to this day that it was defrauded by crypto capital corp and is still fighting the seizures.
CoinDesk Podcast Network
"binance" Discussed on CoinDesk Podcast Network
"Believe that everyone has a right to hear anything. To clarify the foundation for the SEC's stance. As the SEC took no official stance in open court, the judge claimed he did not have any clarification even after counsel for the SEC made it clear that the staff think that binance is operating an unregistered securities exchange. Binance spokesperson again denied the allegations, saying, it's regrettable that an SEC staff member would make allegations that binance U.S. and platforms like ours are operating an unregistered exchange without specifying the assets listed on our exchange, the SEC considers to be securities. So what are the takeaways from all of this? Well, one of the popular sentiments on Twitter is that these things actually suggest not power on the part of regulators and enforcement officials, but some amount of powerlessness that basically, rather than bringing actions against someone like a binance, they're doing a bit of trial by press. I don't necessarily think that this is a misinterpretation. Remember, there had been reporting about a month ago that inside the DoJ, there was some fairly serious disagreement about whether they actually had enough to pursue legal action against binance. The sort of leaks in The Wall Street Journal might reflect that. Now when it comes to the SEC, it's clear that they are pushing to see how much they can get away with without explaining themselves along their view that basically everything in the world is a security. I continue to feel as I did last week that the best thing for the industry is that it gets confronted in front of judges like this and hopefully becomes forced to proactively make their case about their assertions. We have some more happening this week on that front with the grayscale trial, so hopefully this won't be the last time this week I get to talk to you about the SEC getting called out. But for now, that's where things stand. It's going to be an interesting one. We're going to have more silvergate drama or potentially resolution and one way shape or form or another. The latest around Sam bankman fried is that he might be downgraded to a flip phone, and who knows what other new craziness will happen this week to rip our attention over towards it when it does. I appreciate you listening as always in until tomorrow be safe and take care of each other. Peace
The Crypto Basic
Crypto Market Gets A Lift From Hedera HBAR and Binance BNB, Orbeon Protocol ORBN Emerges As A Key Player With 1988 Increase During Presale
"7 p.m. Sunday March 5th, 2023 crypto market gets a lift from hedorah H BAR and binance B and B, or be in protocol or BN emerges as a key player with 1988 increase during pre sale. Hetero, binance B and B, and or be in protocol Omar BN are very different businesses, but what they have in common is that whilst many coins have been struggling since the bear market began in 2022, hetero, binance B and B, and war being protocol O RB N have brought market beating gains in 2023 hetero and binance B and B were both. The post crypto market gets a lift from hetero hb R and binance B and B or be in protocol or BN emerges as a key player with 1988 increase during pre sale first appeared on the crypto basic.
Blockchain Consultants
Binance launches antiscam crusade after Hong Kong pilot run
"11 a.m. Saturday March 4th, 2023. By its launches, anti scam crusade after Hong Kong, pilot run. March 4th, 2023 1102 NBSP UTC updated March 4th, 2023, and 1102 and B SPU TCBY and BSP Clark, the new crusade features a pull out warning communication that attempts to help drug use from transferring their crypto to scammers. Violence and cooperation with law enforcement agencies is launching a crusade to help swindles by issuing targeted cautions to implicit victims, according to a the post violence launches anti scam proceed after Hong Kong, pilot run first appeared on blockchain consultants.
Coin Edition
Is SEC Trying to Hurt the Industry by Tagging Binance.US Unregistered
"11 a.m. Sunday March 5th, 2023. Is SEC trying to hurt the industry by tagging binance that U.S. unregistered. The crypto community is divided over the aims and objectives of the U.S. Securities and Exchange Commission SEC and concluding that the binance U.S. subsidiary was operating in unregulated securities exchange. Mike Alfred, a crypto influencer who started the conversation on Twitter, argued that the SEC was not trying to regulate securities because they wanted. The post is SEC trying to hurt the industry by tagging binance, U.S. unregistered appeared first on coin edition.
Blockchain Consultants
Binance CEO Responds to Forbes Article on Fund Shuffling
"9 a.m. Saturday, March 4th, 2023. Binance CEO responds to Forbes article on fund shuffling. Binance, one of the world's largest cryptocurrency exchanges, has been in the news recently following a Forbes article that raised concerns about the movement of funds by the exchange. The article highlighted the transfer of 1.8 billion in stablecoin collateral by binance to hedge funds such as Tron, amber group, and Alameda research between August the post binance CEO responds to Forbes article on fund shuffling first appeared on blockchain consultants.
Unchained
Senators Question Binance on Eerily Similar Claims to FTX
"7 a.m. Friday March 3rd, 2023. Senators questioned violence on eerily similar claims to FTX. U.S. senators have alleged that the limited public information about binance's finances suggests that it is a hotbed of illegal financial activity. In a March 1st letter addressed to binance CEO chomping zhao and binance, U.S. president Brian Schroeder, senator Elizabeth Warren, Chris van hollen and roger Marshall requested information about. The post senators questioned by eerily similar claims to FTX appeared first on unchained crypto.
Blockchain News
Binance Launches Joint AntiScam Campaign
"9 a.m. Monday March 6th, 2023. Biden's launches joint anti scam campaign. Biden has launched a joint anti scam campaign in Hong Kong in cooperation with local law enforcement agencies. The initiative involves issuing targeted alerts to potential victims of scams to prevent them from falling victim to fraudulent activity. Biden's intends to expand the campaign to other jurisdictions. Read more.
CryptoSlate
Gary Genslers connection to Binance uncovered in explosive WSJ report
"12 a.m. Monday, march 6th, 2023. Gary gensler's connection to binance uncovered in explosive Wall Street Journal report. Explosive new revelations published by The Wall Street Journal claim that binance and binance United States are more intertwined than previously thought. The post Gary gensler's connection to binance uncovered an explosive Wall Street Journal report appeared first on crypto slate
The Block
Binance once sought to hire Gensler as an adviser WSJ
"5 p.m. Sunday March 5th, 2023. Biden's once sought to hire gensler as an adviser Wall Street Journal. Gensler declined to take on the role, according to chat messages obtained by The Wall Street Journal. The post violence once sought to hire gensler as an adviser Wall Street Journal appeared first on the block.
Cointelegraph
Binance tried to hire Gary Gensler in 2018 for closer ties with U.S. regulators Report
"8 p.m. Sunday March 5th, 2023 Biden's tried to hire Gary gensler in 2018 for closer ties with U.S. regulators report. The Securities and Exchange Commission chairman was approached by Biden's in 2018 and 2019 while he was teaching at the Massachusetts institute of technology.
Thinking Crypto News & Interviews
"binance" Discussed on Thinking Crypto News & Interviews
"Make content, keep spreading the news exposing the lies, the hypocrisy and all the draconian overreach of the garage and the SEC. So that is, this is something I'm keeping an eye on folks. We got to watch out for this. I think a lawsuit may be coming against binance U.S.. Now, speaking of binance, CZ binance tweeted out binance partners with law enforcement agencies to launch joint anti scam campaign. So this is good news. Obviously binance dot com wouldn't be affected so much by the binance U.S. lawsuit. If the SEC were to do that, but they continue to expand binance dot com that is throughout the world and it looks like they are joining up here with the Hong Kong police force, which is good. You know, they're working with law enforcement and different governments and agencies. So, you know, years ago, I think binance was a big target of many international governments now. They are partnering and working with folks. I think they're getting their regulatory licenses, certificates, whatever it may be in order, which is a good sign, right? You want that to happen. We don't want any collapses. We don't want any shady business. We want, you know, well run, clean businesses, so to speak, right? And they have their reserves and they're doing the right thing by the users. So this is a good sign. Now, let's move ahead. Jack Dorsey's block said it will be using its own Bitcoin reserves to provide liquidity to Bitcoin's lightning network. Now, I'm a big believer in Bitcoin. I hold Bitcoin in my portfolio. I think it's digital gold. I think many countries will make illegal tender and hold it, hold it as digital gold like they do traditional gold. But the lightning network is a layer that is supposed to help improve Bitcoin's usability. I think the mission is great. I like the idea, but I'm not too certain on if this idea has the ability to actually scale and help Bitcoin be used and day to today peer to peer cash. To improve scalability, transaction speed and lower to fees. I don't know if it can do that. I think it has to prove itself. And I know guys like Jack Dorsey, very smart and successful are working hard on this and I'm not hating or whatever it is, but I'm gonna be a realist, right? Bitcoin is not great for transacting. It's obviously a long time. Fees and all that stuff. It's just not efficient that way. There's other cryptos that are more efficient. But, you know, nevertheless, Jack and these guys are and the guys that strike and so forth, they're trying to build the payments layer out. And this is an example of how that lightning network still has ways to go because if the firm is going to use their own Bitcoin to provide lightning network liquidity, how long does that last, right? That's not that doesn't seem scalable is my point. So we'll have to see, you know, I can read the full article here because Bloomberg wants me to pay, but it's just to give you an idea.
The Crypto Overnighter
"binance" Discussed on The Crypto Overnighter
"That binance U.S. moved $400 million from an American affiliates account U.S. has denied this report. By Nancy has said that only its executives can access its bank accounts. Now, Reuters released a report on February 16th, 2023. This report stated that binance moved $400 million from a binance U.S. bank account to a trading firm called Merritt peak. This transfer happened in Q one 2021. The trading firms manager is Chang Peng zhao. Also known as CZ. Now this is a problem for binance because CZ is the CEO of binance. Binance U.S. issued a tweet statement. It said that the report was incorrect and outdated. Binance U.S. confirmed merit peaks existence, but it's said the firm stopped operating on the platform in 2021. Only executives of the company could access its bank accounts. And they said binance U.S. does not trade or lend consumer funds. That it always maintains one to one reserves. They said that regular audits and regulatory reporting happened by government entities. By Nancy U.S. has former employees from their top U.S. watchdogs on its leadership team. And they ensure compliance with U.S. laws and regulations. People at binance U.S. say that they were unaware of the transfers mentored in the Reuters report. Messages showed that the U.S. executives did not know about the outflows. Binance does not have a license to operate in the U.S.. Binance U.S. is an independent entity of the international platform. The transfers suggest a co mingling of funds. At present, we don't know if that money belonged to binance U.S. customers. Now, merit peak was investigated by the SEC in February of 2022. That investigation was due to its ties with binance. Binance has been under regulators radar in recent years. Binance recently admitted to lapses in regulatory compliance, and by nets said that it's willing to reach a settlement with U.S. regulator. And that's going to do it for us on a Sunday Night. I want to thank you my listeners because when you stop listening, I will stop talking. If you enjoyed tonight's show, please like follow subscribe. Leave a rating or review. And in the meantime, we'll see you tomorrow night.
The Breakdown
"binance" Discussed on The Breakdown
"Paxos regulated by NYDFS, the USD is a stablecoin wholly owned and managed by paxos. As a result, be USD market cap will only decrease over time. Paxos will continue to serve the product and manage redemptions. Paxos also assured us the funds are safu and fully covered by reserves in their banks with their reserves audited many times by various audit firms already. On the alleged SEC versus paxos lawsuit, I have no information about it other than public news articles. The lawsuit is between the U.S. SEC and paxos. If BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop or not develop in the jurisdictions where it is ruled as such. Finance will continue to support BUSD for the foreseeable future. We do foresee users migrating to other stablecoins over time, and we will make product adjustments accordingly EG, moving away from BUSD as the main pair for trading, et cetera. Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from any undue harm. Now I'll admit it was a little hard to keep track of all the different things happening at once, but the specific consumer alert issued by NYDFS gave us just a little bit more info. In that alert they write, DFS has ordered paxos to cease minting paxos issued B USD as a result of several unresolved issues related to paxos oversight of its relationship with binance in regard to paxos issued BUSD. In response on February 13th, 2023, paxos notified customers of its intent to end its relationship with binance for BUSD. It is important to note that the department authorized paxos to issue BUSD on the Ethereum blockchain. The department has not authorized binance peg BOC on any blockchain and binance peg B USD is not issued by paxos. There is currently no restriction on the listing or exchange in New York of existing paxos that should be USD by DFS licensed entities. Now the key part to me is really this part about the difference between BUSD and binance peg USD. BUSD is actually not just one product. There's the paxos version of it that is regulated in New York, and then there is the binance peg B USD version, which is on the binance smart chain. It's supposed to be backed one to one with a reserve of Ethereum BUSD custody by binance, but remember in January revelations emerged that the stablecoins reserves had been at times under collateralized by more than $1 billion during 2020 and 2021. By an admitted that their processes hadn't always been top notch, but they had already solved this problem. At the time CZ dismissed all of it as FUD, although others in the community weren't so sure. Travis kling tweeted, please explain to the market how it is fun when a binance spokesperson confirms to Bloomberg that BUSD had over a $1 billion hole in its collateral value. Now as I was recording this, there's also now reporting that circle, USD C, one of binance B USD's big competitors, had actually brought this issue up with NYDFS last year. From the DB news feed, circle alerted NYDFS to issues its team had surfaced in blockchain data that showed binance did not store enough crypto in reserve to support tokens that have issued, according to a person familiar with the matter.
Crypto Banter
"binance" Discussed on Crypto Banter
"Come on, do me a favor. Do me a favor. The last thing that Gary gets is doing here is actually protecting investors. Because if he was, he would want them to earn returns in an honest bona FIDE way through supporting technology networks. Anyway, let's move on. I think it's very, very, very, very let me know in the comments what you think. Let me know what you think. Let me know if you think it's an attack or whether he's actually doing it. He has a tweet, Liverpool and says, it only makes sense that would try to destroy all the stablecoins before releasing their own CBDCs. I agree. I agree. I agree. Let's look at some other news. There was some other news. I did see I saw this, which was super interesting. Bybit, the volume rose, a 115% in Jan, and they are now the second largest derivative exchange. I think they were always the second largest largest derivatives exchange after. Binance. So that's one to look out for. I mean, could this be an attack against binance? And could it be because binance is not a American company? Could it be because CZ is not American that they that they now attacking binance because they want to weaken binance in favor of the American companies. That's another theory that we need to look out for. Also, look, there's a massive narrative now around ZK rollup. You've seen it. The tokens are starting to move. So here is a list of the ZK tokens, which you can look at. Mavic Mina immutable X mutable X is actually been having a good run. DY DX. Here's the list here. You can go and follow at the bakar and you can see basically a list of all those ones, which I think is pretty good. Also, there's a huge short position building up on XRP. It was like a $5 million short position, building up an XRP, and that made me think maybe someone knows something about the SEC case and the outcome of the SEC case. I don't know. Is there anything else? No, I guess there's nothing else today. So
CoinDesk Podcast Network
"binance" Discussed on CoinDesk Podcast Network
"And get to some of the big ideas that animate all the crazy things that are always happening in this industry. We just love you here. Thanks for being here. I'm Zach seward. That's Adam Levine. We got Jensen assy. And will foxley, we're gonna toss it straight to Jen. I guess for an update on this binance was her ex spat over in India. What's going on? Well, the saga continues Zach, so according to a blog post published by binance, was Rx can no longer use binance's wallet services. The post says that the Indian exchange has made false and misleading statements about binance's control over Walter X user assets, and because of this, the company has a toll today to remove funds from accounts that they used for wazir X operations. Buzzer X tweeted, I think two or three hours ago that they've initiated the process of transferring assets to multisig wallets, which they expect to be fully completed within the next few hours. Well, I'm going to toss this off to you. We've been chatting about this saga on the show for the last couple of weeks. Finally, it looks like it's come to a head. What did you make of this blog post this morning? Yeah, I've kind of waiting for this, right? We've been following this story in the hash for quite a while. And it's important, right? Binance has a lot of different exchanges built on top of it, that's something that we've fall along with the story and learned about along the way. And then was her ex, it's part of this basket of crypto exchanges in India that has been impact not only by a downturn in crypto markets, but also by the Indian government moving against crypto exchanges pretty heavily. So we had like a few tax laws that went into operation last year, some anti money laundering things as well. It hasn't been favorable to be a crypto entrepreneur in India the last 12 to 18 months because they've been basically thrown under the bus in a lot of instances. And this is tough for the wazir X entrepreneurs and builders of that exchange. It chose to build on binance in at the end of the day. Binance is the heavy gorilla in the room, right? And they're going to start smashing other people if they can. We saw that in a somewhat similar instance with FTX. FTX and binance were going at each other and binance one that, I mean, that's one way to interpret the whole saga. Obviously, FTX was also fraudulent, so there's that very heavy component of it. But it is fair to say that binance and FTX were going after the same market share and binance won out. And so if we have these other little exchanges that are built on top of binance, it's not odd to think that binance is going to start smooshing them. They're going to get that market share. They're going to start pushing down on their volumes. As for wazir X seems like this probably wasn't the best idea to go toe to toe with CZ when you're building on top of his infrastructure. That didn't seem to be a very smart play. Luckily, they are able to get all these assets off the exchange and hopefully was your ex can reboot in a different fashion. And really use its own technology stack to service Indian crypto buyers, animal third up to you. Yeah, I think this is also a continuation of another story, which is that India is a difficult market to actually be building these types of things in. Whether you're talking about the infrastructure that's required in order to do it, which is really what the story is about here, where you're talking about the kind of shifting sands on which the regulatory regime is currently being built, mostly again, feels like we get rumors of what's going to happen. And then very little actually happens. And when it does, it is not to be a very good choice. Again, if you look at many of these nations that are outside of the U.S. and then have significant capital controls placed to keep capital, especially within the country, cryptocurrency presents really iffy problems for them. Presents competition in ways that they're typically not really willing to accept. And so that means that if you can't stop the actual blockchains itself, you can go after the businesses. And so that is another kind of weakness and other real difficulty that companies like this wind up having here. So not a good time to be building one of these things. I expect that's going to be a trend that continues over the course of the next couple of years. Zach, and you see it among Indian crypto users, right? The vast majority of Indian crypto users are buying offshore, whether that's in China, other Asian markets. It's not happening in India. You see this pretty harsh tax regime that people have responded to there. Where it has the effect where national regulators in seeking to impose control and seeking to impose protection standards for their own country, they ultimately end up pushing a lot of the activity outside of their regulatory purview. And I think it's something that we sort of saw with the FTX story in a lot of regards, right? Ultimately, those countries that had some regulatory regimes. And some regulatory guardrails around these FTX businesses that were operating in their country, FTX, Japan, FTX, U.S., come to mind. Those are the ones that tended to be a better shape in the bankruptcy process, relative to FTX dot com, the parent company itself. So it is something I think, you know, you see it probably most pronounced in the Indian situation where like the attempt to support regulate and harness this activity ultimately becomes a bit too controlling and that activity goes elsewhere and sometimes people get burned by it badly when things blow up outside of those national borders. So it just a reminder, I think about a global technology in the national context can lead to some pretty interesting ripple effects. And I think, you know, in India, we keep seeing this time and time again. Well, I saw your hand and toss it to you. Yeah, I think that India angle here is really important. I'm glad that we followed up with the story a few times. I do want to turn back to binance though and just talk about them buying up the market share for crypto exchanges. I think there is a real race to the bottom in terms of which exchanges are going to win during the bear market especially. Right now there's a lot of changes I've gone to funk. They've either been out of those frauds, they don't have the right technical tools or they just can't get users in the way that binance and others have been able to do. Since 2019, binance has really grown to now as of basically today. So at 60% of both spot and derivative volume for all crypto exchanges. I mean, that's a huge surge of popularity for the exchange. In just four years time, right? There's other changes that are far older, but they basically disappeared or stopped growing entirely. One exchange that we talked about a few times on the show is poloniex and Adam you've already had a few thoughts on that and passions where they were the big exchange during 2017. They're basically gone. I mean, they've tried to have some sort of reboot. We've had some discussions about them here and there. But they're not really there anymore. Binance continues to eat up other exchanges. And the fact that they're able to take out an exchange like wazir X, that just might mean that they get more customers onto their user base. That's something that we talked about in our last story, as well with wisely X is the fact that CZ has been inviting all these Indian exchange customers to move on to binance itself. So to me, that's a big storyline here. Race to the bottom in terms of centralized exchanges. But when it's pivot, it actually stay with binance and CZ, but away from wazir X. Let's talk about this new blog post from CZ that came out this morning. It's a thrilling read. I think everyone should go read it and not just listen to our dialog about this story, but basically CZ throughout his rules for an exchange saying that he's a really, really boring guy. Quote unquote there really, really boring guy. He talks about how he only has conversations for 15 minutes or less. He leaves group chats in the middle of them because he doesn't want to be bothered
The Breakdown
"binance" Discussed on The Breakdown
"Look, there is no universe in which I am rooting for binance to fail. I want all of these things to be the sort of small errors their spokespeople want to make them seem like. But binance have got to get their shit together when it comes to all of these processes. The level of scrutiny and the importance of the leading companies in the space doing it right has never been higher. Welcome back to the breakdown with me and I'll W it's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is produced and distributed by coin desk. What's going on guys? It is Friday January 27th and today we are checking in on crypto companies behaving badly. Before we get into that, however, if
Tech Path Crypto
"binance" Discussed on Tech Path Crypto
"So you kind of have to look beyond some of these news outlets because they source this a lot of times from news news aggregation centers, whether it's AP rotors or et cetera. But here's the Reuters news that basically hints at dark secrets surrounding binance and its reserves. And this is a little bit more credible. So this gets back into, all right, there may not be an agenda being pumped here, at least I hope not. But the allocated comprehensive review of regulatory filings around the world, including interview requests sent to dozens of regulators, binance also produces little evidence of extraordinary claims, so they still refuse to disclose where its headquarters are located, even though we have heard from CZ that that's changing. And then you look at crypto compare data estimates that binance earned approximately 4.6 Bill and spot trading fees plus 6.4 bill in fees on its derivative platforms, despite CZs claims of transparent disclosure. It's not very forthcoming. So again, this may be just a scenario where we're starting to see a little bit of people because remember, even though you look at other media outlets, you also want to look at what drives them because there could be alternatives from traditional finance that drives them. And I know this is bad that you have to consider media being driven by any particular entity, but the reality is there. We see this all the time in mainstream media. They are driven by advertisers and sometimes those advertisers have those little pulls on the lever to try to get you to report something differently or say something a little bit more of a nuance, which often tilts into situations that play into things like this right here, which is is binance insolvent. Are they having problems? Those are the kind of things that plays into. So now you have binance denying these allegations about rotors, a chief strategy officer, this is Patrick hillman, not relation to him. Denied the allegations that binance is being deliberately opaque. And again, I think it's just a very simple model. Set your corporation in a country, wherever that might be, start going into a scenario where you're filing with local regulators, and you've got a, you know, you've got a door shill. And you're now starting to work with more and more transparency. It really is just that simple. When you're the leading innovator and you're the leading exchange within a market that is still very small, less than a $1 trillion. It reality, I mean, that's very, very small in the overall of markets around the world.
Tech Path Crypto
"binance" Discussed on Tech Path Crypto
"In assets, including 720 million in cash. How do you just find a $1 billion in assets? These are the kind of things that worry me about these centralized exchanges. If we don't have now granted, FTX is a different breed in itself from based on everything we're finding out now. But the reality is is that a lot of run. A lot of these exchanges run fairly loose and this is now showcasing itself in mainstream media and it's getting out there in a position where I think a lot of people are starting to question how a lot of this stuff is even playing out. Here you've got also binance coming in and saying, all right, well, let's go ahead and jump in. Remember, they were number two on the bidding list to try to get to Voyager and lost to FTX and then FTX. Now we know it was really just going after the assets that could suck it dry. And Voyager now says it's accepted binance's bid for assets valued at about 1 billion. So I don't know, I'd love to get your feedback. Do you guys think this is a good thing for Voyager depositors and Voyager as a whole? Or do you think this is potentially a black hole? Love to kind of get your feedback. Let us know, drop some comments below. Don't forget, if you like these kind of breakdowns, we've been doing a few of these. We just did one on Ethereum and kind of the evolution of where NFTs are going, why they're so important, we drop that on the channel. Make sure and check that video out, but smash the like button right now. Because one of the things that is happening in crypto that we're seeing is that I'm finding more and more people out there who are just not educated. And either they're, I don't want to say lazy, but sometimes you know how it is. People just read headlines, they just read the narrative. They don't really do the do the work. They got to deep dive. They've got to go in and do the research. Start sourcing. Start looking at the data behind these projects. These are the things that is missing right now in crypto media. And it's one of the things that you can help with. And it's very simple.
Thinking Crypto News & Interviews
"binance" Discussed on Thinking Crypto News & Interviews
"And CZ to his credit has been public and he has been, you know, putting out the fires or the FUD, you know, putting those things to bed because there's been a lot. And some people have accused me of spreading foot, but I want the one thing I highlight on Twitter that I said was a red flag. It didn't and I made sure I prefaced the comment by saying I didn't believe binance was insolvent or they're going to collapse or go out of business. I said the audit company that dropped binance and other crypto companies, it's a big red flag, right? They just closed shop under out. Now you may say, well, that doesn't reflect binance specifically, but it is a red flag. But a red flag to take the action of move your crypto off the exchanges. Whether it be coinbase binance, I don't care just move it off the exchanges because we are in a very different economic environment right now. So you want to be careful. I'm not saying you shouldn't use binance. I'm not saying binance is going out of business. Sometimes people only want to hear what they want to hear. But I need to present the full situation of full scenario, so you can make informed decisions. And that is, if we see red flags, we have to flag him, but we also give credit where credit's due. So big move by binance here to help the crypto market help Voyager users and it really puts to bed. The situation all, they're not in a good situation or they're having problems. So big move and as things progress with this deal, you know, hopefully we can get some more details and folks can get their funds. So the binance U.S. bid aims to return crypto to customers in kind in accordance with court approved dispersements and platform capabilities, Voyager said in a statement. Binance CEO changping zhao CZ also known as CZ said or had said last month the exchanges U.S. wing would be making a fresh bid for Voyager digital, coindesk had earlier reported that binance was preparing a bid for the bankrupt crypto lender assets. Binance U.S. will make a good faith deposit of $10 million and will reimburse Voyager for certain expenses up to $15 million. Voyager will also seek the approval of the bankruptcy court at a hearing on January 5th, 2023. So this is not a done deal yet, but it's set in motion and once again, hope everything goes through and most importantly, those of you who have your funds locked in Voyager, you get access to them again. That will be the ideal scenario. So this is pretty big shout out to CZ for doing this.
Simply Bitcoin
"binance" Discussed on Simply Bitcoin
"Always reflect it, we can answer the tough questions throw thrown out our business. Okay, I want you to keep that in mind. Want to be transparent. We want to set the golden standard for reliability, solidness in the space. So would you be able to handle it if somebody asked you for $2.1 billion back? Would that be okay? Would you be able to still withstand things? We're financially okay. Yeah, that doesn't sound like a good response. I'll read it again. The good news is that even though the news stories don't always reflect it, we can answer the tough question thrown out our business. Oh man, I disagree. For example, I mean, it's not even that disagree. You guys heard it himself. You guys heard the man from the man himself. For example, despite today's news regarding withdrawals, we are in a strong financial position. We often process more than 1 billion in deposits or withdrawals on a daily basis. Nothing unusual today. Use your assets at binance are all backed one to one and binance's capital structure is debt free. We maintain hot wallet balances to ensure that we always have more than enough funds to fulfill withdrawal requests and we top up hot wallet balances accordingly, with regard to contemporary halt of withdrawals of USD C because we auto convert USD C to be USD in order to retain large liquidity larger liquidity polls we generally regain USD C deposits for future withdrawals in today's case, many people deposited B USD or USD T to withdraw USD C when this happens, we need to convert our current conversion channels are clunky. We have to go through a bank and New York and USD, which is slow. We will improve this going forward. With all that going on, we know that we are at a historic moment in crypto. Rest assured this organization was built to last, as long as we continue to offer users the best product, user experience, and frictionless trading environment, binance will survive any crypto winter. While we expect the next 6 months, the next several months to be bumpy, we will get past this challenging period, and we'll be stronger for having been through it. As always, I'm grateful to each of you for
Tech Path Crypto
"binance" Discussed on Tech Path Crypto
"And now we've got a lot of crypto media that is basically reeling on trying to figure out how do they get credibility back on taking those kinds of payoffs. These aren't advertising deals. These were payout deals. Advertising is a different deal. They advertise, great. No big deal. It's fully disclosed. No big deal. But if it's not advertising and they're taking money to do things and it's driving editorial decision editorial making, that's a problem. Okay, I've been in the editorial business for almost 25 years. That is huge. And it will affect crypto as a whole. It starts to concern me as to where the crypto news is going to come from. Tron founder Justin sun, he deposited a 100 million into binance a few hours back. What's going on here? One hour after the deposit, binance temporarily paused. USD C withdrawals. This was interesting. A lot of things happening here, guys. A lot of things happening. This is part of deploying BUSD on Tron. I think cross chain swaps, not sure if the details, not directly handling myself. Okay, that could be the case, you know, that's reasonable within the process of how this might work. But it just starts to under the circumstance of what's happening in the marketplace. This just reeks a problem. So just be aware of that. Binance's beef with crypto trader coin mom, right? This is kind of getting into coin mama accused binance of refusing to help recover the funds. He lost to an exploit. This was back in December. And then you had coin mama claims that binance restricted his account after he tweeted about the problem with three comma. Remember, and then prevented him from taking advantage of the market conditions, minimizes losses, and there you go. These really kind of things. It appears you are still confused in regard to the reason that the account was put into withdrawal only. Here's a screenshot of your conversation with our customer service agent. So there is a problem right there. And I think that is the exposure that we continue to see happening and playing out. The drama in this space right now is just, it's at a 9 out of ten, I think. In terms of anything I've ever seen in business, B2B, B2C, text, tech industry. I've never seen anything amped up to this level for an industry that is relatively small globally. Remember, 1 trillion. Globally. I mean, we've got 25 industries larger than this industry right now. And that's not even getting into the big, you know, the big sectors in finance today. So a lot happening there. Let's go over to another one that I want to kind of feature binance resumed. USD C stablecoins. This was another thing with USD C and B USD in the battle that we've talked about here on the show.
Crypto Banter
"binance" Discussed on Crypto Banter
"How sophisticated on how they actually steal your money. So anyway, binance investigated this sounds like they revoked commissions, yeah, I think coin member who was the person who said, what's a good alternative to balance is a buy but as I said before, I think it's binary, and I think it's a bit good. I think it's KuCoin. But again, I think the best alternative to the centralized exchange is a decent plastic change. That is why you came here. Take the plunge, go to decentralized exchange, even though I think that balance is safe. Nothing to worry about. I think it's a media tech. Just in case I'm wrong. And I have been wrong once or twice before. Just once or twice, but I have been wrong. You don't want to be the person who had the opportunity to get your money out and didn't. Cool. So that's that. I want to talk about a whole lot of altcoin use. And
Bankless
"binance" Discussed on Bankless
"And by the way, allegedly allegedly, we're just seeing this on train, we need more. This is the thing that the entire industry is speculating on. What's crazy about this? What's crazy about this is you can see all of this on chain, right? I mean, we're watching a bank run unfold in an immutable ledger on chain publicly with the conversation among these crypto bankers happening over Twitter. It's just crazy. I mean, this doesn't happen in traditional finance. And meanwhile, that dog whistle that bank run that you're talking about. That's what this looks like. FTX getting its account drained by customers. We're like, I don't want to keep my money there. I'm going to exit. I saw what happened to Celsius. I know what happened with Luna and Voyager and all of these examples. And I'm getting out of there before something breaks. And I can't get my money back. So that all happened on Sunday, November 6th. Well, take us to Monday. November 7th. So I guess the start of the business week here, SPF comes out with his own tweet that morning. I remember I woke up and I read this, but this is SPF's response, David. What does he say? It starts off the tweet thread saying, a competitor is trying to go after us with false rumors, FTX is fine, assets are fine, details to follow. And so that he makes a threat of details. And he says, FTX has enough to cover all clients holdings, we don't invest client assets even in treasuries. We have been processing all withdrawals and will continue to process all withdrawals. Some details on withdrawal speeds, then there's some update about how withdrawal speech was slower. And it continues and says, it's heavily regulated, even when that slows us down, we have GAAP audits. I'm assuming that some standard with that gap accounting, yeah. With over a $1 billion of excess cash, we have a long history of safeguarding clients assets, and that remains true today. And then concludes, I love it. CZ binance, if we could work together for the ecosystem, interesting, interesting tie off tweet. I love it by CZ if we could work together for the ecosystem. Please help me. Is that what that was? Help. Stop. And so, and then I saw this tweet. And where I saw this tweet, Ryan was interesting. This is Patrick hillman, who I'm actually not familiar who he is. But he tweets out, let's be clear, binance did not one. Define FBS stance on DCC PA. As in, what binance did not do is help SPF and FTX create the DT CPA. What's the D.C. DPA for the regulation the law that we are still waiting to get the details of that is in Capitol Hill being drafted that we are worried goes after DeFi and really just instantiates FTX in ways that centralized exchanges may be more generally right. That's perhaps, perhaps, yes. And so this Patrick hillman guy is saying, hey, binance didn't do that. Also binance didn't debate Eric Voorhees on the merit of FTX stance on the D.C. CPA. Binance did not get into ship post Twitter fights with KOLs, nor did they manage to leak Alameda's balance sheet or write the story about Alameda's balance sheet or fail to address the concerns around FTT. So binance is just not taking part on all of these things. You know where I found this tweet Ryan? Where? CZ retweeted it. CZ retweeted this. PC retweeted this, yeah. So this person is making the claim that don't blame it because people at this point binance, yeah. People at this point were coming to Sam's defense, I think, SPF's defense after especially Sam said, look, assets are fine.
Crypto Banter
"binance" Discussed on Crypto Banter
"Is he going to hold elevator research? Is there anything here in elementary research? I mean, who knows? You know, I want the bull market back. That's all I want to know. I think this is definitely a huge bull market. I want to show you something else, which, you know, you guys can laugh at me. But what I told her, I just want to do something here before. Let me just say do something. I need to do something just to say something quickly. One second, or just to find it, because it makes you all laughed at me. What I have to say, you're not laughing now. And the reason why I said that is because you all laughed at me when I was following Marin Altman. And you know, I mean, I just want to show you what she tweeted about this week, but she tweeted an ages ago just so you know. I mean, she said, something was going to happen. It's going to happen. It shit's happening. It's crazy. I'm not one form for star signs. But apparently the last linear clips was the lunar crash. So it was looking pretty this morning. It was in May. No, she said at the start of she said at the start of November that this was going to be a bearish month. Negativity for markets. So maybe she was right up until now. You still don't know. Yeah. Yeah, I think that what the market is telling you here is that holding FTT is not the right move and holding a binance is probably the right move because look, you get in the FTT level coming down again. Yeah, binance binance B and B took, and look at that. Unbelievable. Bitcoin is still above 20,000. I just am in 20,500, 20,000, 267. What a stream. What a day? Absolutely unbelievable. Glad to be able to share this with the community. Let's do some Q&A while we're going while we're waiting before we end the stream. FTT, what will happen to the FTT token? We don't know yet. We don't know yet. We don't know you've got. We don't know yet. Crazy stuff, crazy stuff. It also helped keep the exchanges, whether they keep them operating at zoos or whether they do like a you wouldn't shut it down. You would never shut it down. Because remember, they got different licenses and different good product. It's a really, really good product as well. It's not as good as by bits. I mean, I use Bible only. Not for retail, but for institutions. It's good for institutions. Not so much for retail. You know, I wonder where the part of the deal is that FTX needs to leave that same as to leave or Sam states. I wonder. That's something we need to think about. It's Sam bankman street going to stare at the x-rays. I speculate so I'd say that's just my guess though. Yeah, yeah, yeah. I mean, I had to give away his baby. Just because I don't know, it's hard to imagine leaving. Look, you know, because we've had multiple discussions, I've always said it's time to stop backing SPF. He grew too fast too hard too fast too soon. And yeah, I mean, I kind of saw, I want to say that I called us, but I didn't call it exactly as it happened. There were points here where I did call it. I did say this morning that I think that this is where SPF loses FTX. It happened quicker than I thought. Yeah, I mean, this is crazy. This is crazy.
Crypto Curious
"binance" Discussed on Crypto Curious
"About $4, so. Oh, so sorry to hear that Craig Jackson. Kit is the kidney class action against them for this breach. There's already multiple miles were added to the list. When they got no money, so it would be pointless and futile at this point, wouldn't it? And have you seen us saying before, like, someone was tracking what's his name at Shinsuke's wallet? And he's been selling like every single day. This is the danger with some of these projects and putting all your cash in, right? No, I just think this is a really sad situation for all those people involved, and it just shows, I don't know what this show is really, because they were very relaxed with people's information. And to try and bring down three top execs, they were quite loose and candid, but everyone else's information. But actually, I feel really bad for the Celsius workers because they built a great brand. They built a great company. And now they've been caught up in this complete share model and everyone hates them, even though they had no idea. Well, you know what, I'm really hoping that we don't hear any more from this Celsius story. I kind of thought that we were over and done with when we talked about Alex taking that money a few weeks ago, but now this is the next chapter in the story. So hopefully we kind of close the book on this and maybe one day here about people getting some of their money back. Who knows? But we'll wait and see and we'll leave it there. Moving on to our next story, this one is been in the news this week a lot also. It was the binance hack. Finance, saying a cross chain bridge. Linking with its BNB chain, I was targeted enabling hackers to move tokens off the network. So unfortunately, this has been a big one. The hackers have stolen around 570 million in tokens from binance in a rare blow to the world's biggest crypto exchange. Binance initially estimated on Friday that the tokens worth around a 100 million had been taken, pausing the operation for approximately 8 hours. However, the exchange later disclosed that the hacker had taken around 2 million of the cryptocurrency BNB, which is binance's own digital token, with a value of around $248 each. So the hacker targeted the BSB token hub, which is a bridge between the two binance systems, Craig. You know a little bit more about this one as well. Do you want to explain a little bit further? Yeah, so the tokens were actually stolen from binance exchange itself. I don't think any users were affected, but yeah, as you mentioned, this is a rare blow for binance that's seen as sort of the safety net of a lot of crypto users that have so much liquidity, the tokens worth is tokens in the top ten. So you can assume that any mishaps they do have the cash to sort of come back from. But yeah, as you mentioned, 2 million bmb token stolen. The hack is, you know, we're moving money around a lot, trying to take their tokens have just stolen into other assets. But this is a common topic we've seen in the last few months, bridges are very susceptible to hacks because they're targeted and don't want to explain to you watch race. Yeah, I would, actually. I'll let you know. So three hacks have happened in the last 6 months. Nomad signups and Ronan, which was the axi hack. So 2 billion last year, 2 billion, that's insane. So why are hacks so why do people target bridges? So the idea of a bridge is when you move assets to another chain. So an example could be that, you know, you've got your Ethereum on the Ethereum main chain and you want to bridge to arbitrum, which is a layer two because arbitrary has cheaper gas fees. You might there might be a duck that you want to use on arbitrary like dopes, which is an options trading app. So you need to bridge those assets across. You can engage in the second ecosystem. Now what that means is with a bridge, you need a lot of liquidity on both ends because if you have 5 Ethereum that you want to change to arbitrum, the arbitrary bridge needs far Ethereum to grant you so you can move over. So there is a lot of assets on both sides. So that's why it's sort of such a huge target. And these new things like what bonnets is done, these trustless bridges. You're relying on code, not on people, not on systems you're relying on pure code and every software has bugs. We've seen multiple bugs been exploited in the last year. So it's interesting as well because these bridges are decentralized. Yeah, so some of them are sort of sign ups one. Nomad Ronan, the arbitrum one. They're relying on code only and people are, you know, exploiting them based off the bugs within the code. One of maybe the causes for this as well is that lots of VC money is poured into these bridges because some of these bridges have been highly profitable. And there's definitely a lot of pressure, not just from the investors, but from a market point of view to get these products to market. And as we've seen, Ethereum and Bitcoin have really been tried and tested to be trustless over the last, you know, 7 to 12 years, whereas these things get put up almost by the month. And there's just not that many quality smart contract developers out there. It's just not tried and tested enough. So would they have gone after B and B for a reason, which is because it's massive. And it's one of the bigger ones out there, so they knew that it would have had quite a deep liquidity pool. 100%. I mean, what other situations in crypto have that much liquidity in the one area? Besides maybe bridges in exchanges, which is obviously we know how much exchanges are targeted. So they were actually only able to steal a 100 million worth. They were going after like 500 and 60 million, which would have been one of the biggest hacks in crypto history, I think, but bonnets were on top of it. That's our slick they are and managed to stop it at a 100 million. Which is good for them. Essentially, I see it as a bug bounty, you know, often when you identify bugs in smart contracts and encode the company will give you a reward for telling them about that bug, but otherwise, in some situations, these hackers they exploit the bugs and really it's no one's fault, but binance at the end of the day. Wow. Wonder if they would have got paid a 100 million for telling him about that bug. Interesting, but like I said, that could have been a lot worse, but still a 100 million. What was the bigger one this year that we talked about? It was actually how much was in that one, right? 600. Was it 600 million? Yeah, that's the biggest bridge hack in history. It kind of reminds me of the wild western and bank robberies, but just a modern day version of it. We'll leave that there that is that's huge sums of money