Funds are SAFU = I will nuke all your longs, I will devalue your alts by -30%, then I will give you your coins back for -30% cheaper than I sold/shorted them for.
Simply giving those coins back to their owners doesn't mean you are clean.
This is the scam CZ & Binance have pulled on the industry for years.
Crypto was made for self custody.
$6.3B hack
$3B likely recovered
$1.2 absorbed by SAFU fund.
Residual $1.5-$2B loss for Binance which should be easier to cover. CZ mafia made >$15B on 10/10 alone
Initial reaction was disgust and shock. But think the overall effect might not be as bad as sentiment might reflect. Bunch of Normies retail wanted to fully offramp and i don't blame them. their heart cannot take another massive exploit despite doing everything by the book.
Another thought is how CZ is being responsive and is clearly running the show at Binance despite saying otherwise. Putting his baby mama and Richard Teng as CEO is pure Chinese puppetry. His lack of transparency reflects his low level of morality and professionalism.
We need to shift away from the Chinese exchanges cabal and quick. The faster we do that, the quicker the industry can thrive. perhaps Drunkenmiller and Musk is ushering that.
i mention @ThinkingUSD greasy black leather jacket and next thing you know i get a targeted ad for the full Flood look wtf
Flood bear post-> i buy
salsa bull post -> i sell
Capo turns bullish-> market nuke all longs
4 sharpe strategy right there
likely over for $BTW
$200MM unlock on November 2nd and clearly longs have been exiting in trove ahead of it.
target $0.80 which is still $7.5B FDV lmao
I speak to a colleague about pearl-2:native. He looks a it and decided not to buy based on FDV. What he doesn't know if that there is no marginal seller until $10















