/biz/ - Business & Finance

SHUT THE FUCK UP IM HOLDING BNB

>>13576513
Cont.

It is highly suspicious that Binance initially claimed they were doing emergency maintenance, then admitted to being hacked and that they would recoup all losses out of pocket without taking the time to investigate this hack AT ALL. Why would they recoup losses out of pocket if it was the users fault? It is absolutely not a sustainable business practice and it is rife for abuse. Not to mention, the timing of this all occurring as Tether and Bitfinex are being indicted by the NY AG and a bank run is occurring on the Bitfinex exchange. Tether was shown to only be ~75% backed. Remember, Binance is/was the largest holder of tether, and just a day or two before the “hack” they moved ~740M through thousands of accounts/transactions. Now the Binance Tether coldwallet has only ~600M tether. Where did the other 140M go? The move was structured like a blend. Also, anecdotally, I am notcing a severe uptick in Binance astroturfing. Like pic related.

I predict within 48 hours we will see people coming forward about being affected. People are beginning to wonder where these people are.

>>13576545
Agreed, Binance will deploy some more astroturfers to claim their accounts had been compromised through their own faults. It is too little too late IMO however. They could be digging themselves into a much deeper hole if they attempt this and are revealed. I’m noticing many of the twitter and reddit accounts defending Binance and CZ also are heavy shillers of Tron. Likely both companies use the same marketing firm/accounts for their image.

>>13576533
based chico crypto called all this last week. got my linkies off just in time

>>13576513
Do not let this thread die, if you want to help investigate look into where the missing tether has gone. Check all of Binances associated addresses from before the hack/during and look for any suspicious activity. Post this on twitter/reddit try to get Binance to respond.

>>13576545
Naaa they said that none of the accounts balances were effected, remember your balance on their is literally only a number on a screen. All of the actual coins are kept in various binance wallets with millions of coins.

>>13576533

Binance only has half of the BTC CZ claims it has.

>>13576513
As of six hours ago Binance is moving Tether around AGAIN. Something is going on here involving Tether/Bitfinex.

>>13576608
I think he is specifically talking about suspicous withdrawl history not authorized by the account owner. It is extremely suspicious that not one person has come out and provided this evidence.

>>13576545
what people? if you look at the outgoing transaction from the 7000btc block, there's only like 20 withdraws, they're just all really large. so if there was actually a hack, only a few accounts were affected that held a shitload of btc and had done the KYC necessary to withdraw greater than 100btc a day.

>>13576621
I agree with you this ""hack"" smells fishy as fuck. what's their new tether address?

>>13576620
I suspect they have fractional reserves as well. A large scale bank run like what bitfinex is undergoing could expose this fraud, perhaps a reason they have suspended withdrawls until the tether debacle blows over.

the Binance announcement doesn't even make sense from what we can see happened. 7000btc left Binance withdrawing from just a few accounts. The announcement says something about a large amount of API keys were compromised. Binance is probably lying. If you remember the Viacoin pump a hacker used compromised APIs to feed a wallet under his control, but Binance was able to freeze the account before any withdraws were made because the abnormal trading triggered their alarms. We didn't see that this time.

>>13576513
hacks are just the equivalent of "i lost my private keys in a boating accident" for exchanges. No need to pay tax on this.

>>13576679
>their
how do you know its theirs? because the sino scammer told you? Laugh out loud!

DON'T LISTEN TO THE FUD

FUNDS ARE SAFU

>>13576679
They are filtering their tether through thousands of accounts and transactions. ~600M ended up in one wallet unlabeled as Binance yesterday, but with the new shuffling they are doing today I’m not sure if its changed. Lets try and find it, chico crypto had found the final destination yesterday.

>>13576647
You greatly underestimate the power of social media to draw attention to a single person in the context of a large event.

>>13576699
Binance is located in Malta, taxes are certaintly not a concern for them.

Of course they are lying. CZ is a scammer and a criminal, what do you expect?

How did this work? I'm really behind on the news here.
How did they get 7000 btc out at once.
Assuming they only hacked user accounts, I thought you could only withdraw like 100 btc at a time or something.

>>13576708
they actually moved it all again they split it up into 60m chunks and yeah theres a lot missing

https://www.omniexplorer.info/address/19tpJhhX8Hkx8ENrSDkoowkaKT1wjmPWmL

>>13576717
you misunderstand me. I'm saying that if there was a hack (I'm suspicious), it looks like there were only a few affected users (the accounts that were withdrawing). These users all happened to be mega whales though with hundreds of BTC.
If there was actually a large amount of APIs compromised, as Binance says, there would have been all kinds of abnormal trading to funnel that 40M into those few accounts. That didn't happen though, we'd see the chaos all over the books if it did. Just imagine what it would look like if someone actually moved 40M worth of coins from many accounts into a few by trading extreme price differences.

>>13576562
>Agreed, Binance will deploy some more astroturfers to claim their accounts had been compromised through their own faults. It is too little too late IMO however. They could be digging themselves into a much deeper hole if they attempt this and are revealed. I’m noticing many of the twitter and reddit accounts defending Binance and CZ also are heavy shillers of Tron. Likely both companies use the same marketing firm/accounts for their image.
tron and cz share same headquarters. they are on the same scam team

>>13576798
We need to find where it is going, if we can link it to exchanges or conversionary transactions of some sort it would create a huge shitshow.

When you deal in unregulated markets and anonymous users, you have to expect to be robbed sooner than later.

>>13576513
It was for the tether dump duh. Obv false flag

>>13576829
meh. ive got better shit to do. knock yourself out champ

>>13576867
Ok, thank you for the contribution.

>>13576809
it was really weird how justin was like "bro let me cover your loss by depositing an equivalent amount". like what? why would he personally cover losses of idiots who got phished? I bet he's in on the ""hack"". no normal person would ever donate so much for a loss of another business.

The way I see it, Binance is faking the hack to steal funds or come up with a story about why the funds are missing....
or there's a very serious exploit out there where someone was basically able to withdraw large amounts from the hot wallet without actually having that btc in the accounts. either way, Binance is lying right now.

>>13576897

More likely to hide missing funds. Too bad they tried their scam in a system where every transaction is public record.

>>13576513
>>13576533
>>13576621
Can somebody post this to reddit? I don’t have an account. R/Bitcoin/cryptocurrency, hell even binance but I suspect it will be deleted instantly.

Also this whole thing felt like it was a big deal but also not a big deal. the fact CZ actually considered a roll back made it look like it was a big deal, but then they also sugar coat the issue saying things like "it's only 2% of our btc reserves". It's like they didn't plan how severe their "hack" should appear

>>13576513
>>13576533
damn those are actually really good points...

>>13576889
that man will say anything for attention. hes not going to fork over 41 million bucks.

>>13576802
Oh ok yeah I agree. The accounts likely belonged to friends or associates of Binance and by pretending to be hacked they had justification to loot the Safu.
That's the reason you wont see anybody looking for attention on Twitter or Reddit talking about losing millions of dollars.
Until people start asking this question more and out of nowhere well see the headline "I lost 5 million in Binance hack, AMA"
Yeah bullshit.

>>13576513
4) nope you are an idiot sorry

>>13576513

The hacker only needs access to the private keys or to make the transfer system think legitimate transactions were being fed to it. Security is circumvented in almost all hacks, not brute forced.

>>13577001
if this actually happened, it's pretty crazy that people were keeping that much on Binance and someone was able to hack so many mega whale wallets, bypassing 2fa and email confirmations in the process. doesn't seem likely at all when I type it out like that.

>>13576959

Funny that after Enron had exploded, but before it was known by anyone other than the highest level people; those people went on stage at a company meeting and told all of their employees to invest every dollar they had in the company.

In other words, they stood there knowing the company was only going to last another week, yet they were still trying to con their employees out of their life savings.

NEVER under-estimate the willingness of a thief to rob people when they are most vulnerable.

I don't have enough evidence on this story to have an opinion anyone should listen to, but I will say this... trust the evidence, NEVER trust the people. If a person says one thing and the evidence says something else, the person is lying. The evidence is ALWAYS right.

This comment >>13576802 tells you nearly everything you need to know. To resum and to add...

> they start by saying it's unscheduled maintenance. That's a lie
> they say that everything will be back up in a few hours... another lie.
> they say that hundreds (thousands) of accounts were hit.... is that a lie?

You have a public ledger. Check it. If you find out they're lying about the last part, remove all of your money NOW because they can't be trusted.

it was probably a high up agency going after emails and trading and transaction histories for the accounts. Binance is probably a serious concern for them if it's a black box

>>13576959
Yes, that is exactly how this feels
It's like when a child tries to lie to you.
There was no consistency to the response

>>13577001
Their “SAFU” fund is BNB denominated, i’d even venture to guess it comes from the same accounts they “burn” BNB from. (Binance doesn’t actually buy BNB to burn it, they just minted a shitload at creation and burn uncirculated BNB) these exchange is so scammy underneath it’s social media facade.

>>13577009
Wow what an articulate and well reasearched reply. I’ve changed my position. Going all in BNB.

This (((hack))) won't age well, daily reminder that CZ unironically considered the 51% attack, but the worst came when he retracted with something like 'sorry, I'm learning new things'. Tbh I think that the statement was only a jew trick, but if it was for real, consider binance kill

>>13577041
>You have a public ledger. Check it. If you find out they're lying about the last part, remove all of your money NOW because they can't be trusted.

To bad they’ve blocked withdraws. I’ve been warning people about this exchange since its’ inception, too bad only a few actually took heed. I truly hope this doesn’t end with another GOX situation.

wat dat mean to BNB hodlers?

>>13577108

In my opinion, one of the biggest problems with crypo is its reliance on unregulated exchanges.

Everyone complains about "the man", taxes, etc when dealing with regulated/legitimate exchanges; but this sort of shit couldn't happen; and even if it did, your investments would have been protected by SIPC up to $500k.

The lack of regulated exchanges is also why real investors won't touch crypto right now.

>>13576513
>>13576533
>>13576562
>>13576606
>>13576621
>>13576640
>>13576691
>>13576708
>>13576749
>>13576829
>>13576886
>>13576920
>>13577076
>>13577108
CZ is creating fud to lure in short sellers. Once the bears load up on shorts, the exchanges squeeze them and take their money. Soon the bears will become fomoers and then the whales will short these markets and destroy them a second time. The insane amount of bear threads on here is just shills trying to help in getting normies to open shorts.

>>13577108
Fren, between this, Tether situation, Fincen guideline leak, and just the simple fact that these last few weeks pump is obviously artificial, I think its safe to say crypto in and of itself is in the process of exit scamming.
Will it die? No, because crypto started on an idea and nothing can kill that idea.
But shit is about to happen.

>>13577185

don't drown in the kool aid.

>>13577198
?Que?

>>13577159
I agree with you. This is just the natural progression of the space and the growing pains that will come with it. No asset class begins with the infrastructure to support regulated, liquid, and dependable exchanges. Hopefully Bakkt and Fidelty are on the horizon and we can start to move away from these shady and downright fradulent exchanges. It really confirms how early crypto still is that we have to deal with this bullshit.

>>13577159
>Scams dont happen in the regulated economy!
Anon...I...

>>13577211

You regulate the exchange and you especially add market makers and 1/2 your problems are solved.

The system right now, as it stands, can't last. Too many holes in the theory, too many built-in problems that can't be solved.

>>13577197
I think my reply here is also a good reply to your comment.
>>13577211
Crypto is not dead, it is still transitioning. All of these events are just a result of bitcoin and crypto outgrowing its’ current enviornment. It may get hurt short term, but in the long run it will become more resilient from taking these blows and the infrastructure around Bitcoin/crypto will get exponentially better. Honestly, be glad you are investing during these times, it means there is still plenty of upside potential.

>>13577234
Uh, these exchanges are market makers. If you think what LBMA or CME does is any better, then you're crazy.

>>13577219

Different type of scams. Yes, there will always be people trying to scam you out of your money; but the role of regulation is different.

Regulation doesn't protect people from the consequences of their own decision, but it DOES force the people managing your account and holding your money to be accountable for their fiduciary responsibilities.

Imagine walking into your bank and they say "sorry, someone robbed your money out of our safe, your money is gone. Better luck next time". Until the day that this is no longer possible, crypo will always be play money.

Are my fucking linkies safe?

>>13577197
>Fren, between this, Tether situation, Fincen guideline leak, and just the simple fact that these last few weeks pump is obviously artificial, I think its safe to say crypto in and of itself is in the process of exit scamming.
>Will it die? No, because crypto started on an idea and nothing can kill that idea.
>But shit is about to happen.
this

>>13576513
Thats cool. Hey, can you cool it on the inside job shit until he releases my ETH in like a week? I want my money.
>too stupid to store in a cold walllet
On the contrary, I always store in a cold wallet. This was my first attempt at trading. I transfered some ETH to Binance, sold the top, bought the dip, made a 4 ETH profit... and couldnt withdraw my coins. The first time I ever take them out of my wallet and this happens. So, if you could just hold back on the FUD until I get my money back I would greatly appreciate it. Thanks. If it turns out he doesnt unlock withdrawls, feel free to post this shit everywhere.

>>13577197
We're in the eye of the hurricane

>>13576513
It’s almost like Craig wright has been warning everyone for a month that binance are scammers.

Thank you to whoever posted this on R/cryptocurrency. You can already see the Binance shills coming to defense by gilding and erronous non sequitur, that was already posted in this thread. Go contribute if you can, fuck this shady exchange holding everybodies funds hostage. Bring up their second round of tether transfers this afternoon.

>>13577335
>We're in the eye of the hurricane
this

>>13577345
>Thank you to whoever posted this on R/cryptocurrency. You can already see the Binance shills coming to defense by gilding and erronous non sequitur, that was already posted in this thread. Go contribute if you can, fuck this shady exchange holding everybodies funds hostage. Bring up their second round of tether transfers this afternoon.
if accounts were really hacked, they would suspend trading

>>13577341
Takes one to know one?

>>13577345
>>13577354
Haha now you guys know my throwaway Reddit account. Thought about referencing biz but nah

>>13577345
Also please reply to the clown saying the wallet was breached with the official binance report.
https://binance.zendesk.com/hc/en-us/articles/360028031711

>>13577108
Well if it happens to be another Mt Gox it will just be an oppertunity for people to get some cheap bitcoins and whatever is at a firesale.

>>13577268
>Fudiciary Responsibility.
Alright Ill agree with your premise, but to even think that the 'regulated financial world' as it exists today isnt just as bad if not worse than crypto, then how do any of us even justify this very discussion?
Were here for a reason.
Regulation is a very broad concept.

>>13576604
underrated

>>13576513
I LOST 3000 XMR REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
WHERE MY COINS IS NOW REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

>>13576604
that fucking stoner, good vids though

LINK wallet wasn't hacked though right? That means LINK holders should be good right?

>>13577372
right....

>>13577378
You are the man.

>>13577426
They are going to sell link and other shitcoins on the open market to recouperate all losses. Cz tweeted about it a few hours ago.

>>13576513
>If it was really the case thousands of accounts were compromised at least one person would have come out publicly about their account.
Horseshit

>>13577341
he's just butthurt because they shut down his scam

>>13577572
The last time binance was hacked for 7000BTC through API keys and SYScoin reddit was filled with posts from users who had their accounts fradulently accessed.

>>13577378
Could you please post

https://binance.zendesk.com/hc/en-us/articles/360028031711

As a reply to oinklittlepiggy in the reddit thread?

>>13576974
BitTorrent.

Are withdrawals still blocked?

I sold all my link and have no reason to be on binance

>>13577041
> never trust people
> trust me

>>13576513
hackers didnt do unusual trading, because exchanges have security measures against it (viacoin) and they would get caught. better to take 7k btc, instead of trying to steal 50k btc in shitcoins and get caught. they infected enough users and stole only bitcoin. when the alarms went off, binance flagged the hack and quickly froze the system. their internal user wallet database was left unmodified, which is why users cant notice anything. i do agree about the weird tether timing and moving. so far i still trust CZ

>>13576647
>>13576692
>>13576802
>>13577030
outgoing transaction is generated by binance engine. you can't know the number of users that made withdrawal, because the origin is binance hotwallet. if 10.000 users made 0.1 btc withdrawal to single wallet, it would be visible as 1000 btc going from binance cold wallet to destination wallet.

if you click on a virus or get phished, its very likely that your email is also compromised, at which point its dead simple to automate the withdrawal (start withdrawal, enter 2FA, scrape received email in known format and click the URL).

>>13577777
kek linkies btfo

>>13577777
wtf...

>>13577777
Those are LINK digits, buy back in before kek fucks your shit

>>13577777
YOU ARE A MANIAC!

>>13577777
I unironcally have 100k link on there. worried as fuck

>>13577777
I hope you mean you took all your LINK off Binance. If you sodl now, woah boy.

If you aren't exiting with the big boys when $1.5 billion tether worth of bitcoin sells off, you're gonna get fucked

>>13577777
You know you dunn fucked up right?

>>13577777
>>7777777

>>13576513
What you expect from these chinks? You should know somethings wrong when you talk to their trash customer service. Can barely understand their Engrish "A CHIG CHONG WING WONG"

>>13576533
deposits are blocked so people cant send anymore tether bags to binance. it's a smart move for the collapse. now cz has more orders to dump on himself.

>>13576829
why would you want to do this? CZ is trying to save binance. let him dump the tether bags in secret. i dont want binance to end up insolvent.

>>13577422

>>13578112
I don’t care about Binance. It is a scummy pump and dump exchange skirting regulations. I have massive reservations about their BNB cash grab and CZ is an egotistical snake-oil salesman.

>>13576604
He shook. me enough to move all of my assets out on the day before the freeze.

>>13578549
Can people still not withdraw from Binance?

>>13577041
And same thing happened with MtGox who hired well-known bitcoin foundation people to reassure people.

t. got goxxed and poloniexed and bitmexrekt and about to kms now that coinlab/cia will delay creditor payout indefinitely until everyone killed themselves

>>13577159

>>13576513
Hey @bitfinex'd. You off your meds again? Its amusing to see bears so completely assblasted.

BTW, chinknance is a private company. They do not owe you or any single other motherfucker any explanation. I hope people lost funds big time. Serves you trading faggots right. Maybe if you cocksuckers used crypto as it was intended instead of being faggot wall st. wannabes, we wouldnt be hearing news about hacks.

>>13577777
never gonna make it quintsman

>>13576858
This is the actual truth fellow redditors. We have been robbed. It‘s literally gone. Better investigate this shit.

>>13577781
that's not right. 7000btc is what left the exchange. it wasn't from the cold wallet to the hot wallet, it was from the hot wallet to off exchange wallets, and there weren't that many of them that made up the 7000btc.

>>13577781
this guy knows whats up. dev here

>>13577781
I bet this hack is related to all the bots that were spamming telegram with stuff like BINANCE CHAT INFO.bat and .com viruses

>>13577777
Damn so 250k BTC 2022?

>>13576920
Why can't you make your own account?

>>13579473
kek, no. you guys are trying to tell us that 10,000 users can all withdraw .1 BTC to the same account and Binance will simply lump them all into a single 1000 BTC transaction? So the system looks for matching outbound addresses and pools them together if there are multiple pending?!?! how fucking retarded is that? that's the current withdraw logic on the most used, most trusted crypto exchange? wtf....I can't imagine they actually designed the system to behave that way because it's stupid logic, and also because it's an obvious security issue.
that's not what happened. dev here

>>13579896
this lol
desperate bears looking for any reason to reassure themselves crypto will dump and they won't be left behind. pathetic.

>>13579896
What do you think actually happened?

>>13579996
idk. Binance might be lying to downplay the attack if it's a big fuck up on their part. might just be easier for them to say API keys were compromised again, but that seems weird and sloppy from a PR perspective. there's not enough details to really know the situation, but that sure doesn't seem to be what really happened.
I've been around long enough to remember the old days, when exchanges were getting "hacked" on what seemed like a weekly basis. We always assumed "hacked" meant exit scam, cause it was so easy for them to just disappear back then. I'm cynical and always skeptical. I think Binance is probably trying to cover something up. They are missing 7000 BTC... if not from a legit hack then from something else.

>>13580099
A reason to freeze deposits/withdrawal perhaps

>>13576533
the astroturfing is real, and it's super aggressive right now.

>>13581045
Who cares why or how or when
As long as it moons and i get my money back
The chinks can scam anyone they want
I’d even suck their dick while they do it
Cmon push it to 7000!!!!

>>13577777
lawsuit withdrawn, carry on

>>13576604
I moved my shit off once they delisted SV.

>>13576766
Is he going to fake his death and disappear with everyone's funds?

Why couldn't I have learned to hack things instead of work? I could have 40MM right now.

>>13577422
Well it sounds like you had a known amount. That was your first mistake.

>>13577464
>In January 2018, Coincheck was hacked and approximately 500 million NEM tokens ($530 million) were stolen. ...

And nothing of value was truly lost. Kind of like now, because Segwitcoin is a scam anyway.

>>13578075
>>13578112
I could see this. But all the buys using Tether is technically fraud (pending the result of the casae) if CZ has insider knowledge of it. What if a bunch of people (not just CZ) are linked to this fraud and then have to liquidate all their BTC to pay fines to reduce their prison sentences.

>>13579896
>So the system looks for matching outbound addresses and pools them together if there are multiple pending?!?! how fucking retarded is that?

This is what happens when Core hijacks Bitcoin and rises fees for their banking hubs. Honk Honk

>>13576524
well you're fucking retarded then
I mean really? REALLY?
You thought that a made up crypto from a fucking chinese exchange was reputable?
REALLLLLLLLLLLLLLLLLLLLLY?

>holding link in binance

You niggers deserve to get robbed

If binance goes down and takes linkies with it how many links are out of the circulation?

>>13576513
Good thread, op. Very rare to see here on /biz/

>>13576513
>7,000 bitcoin
BINANCE has to pay the jew fee in order to stay afloat

>>13577234

>It's better if its manipulated by a regulated exchange than an unregulated one

>>13577278

Your StainStink is gone, sry.

>>13582402
There's barely any in circulation relatively speaking because the devs and a couple of whales own over half the supply ;)

>>13578942

What happened with poloniex? Except the "lags" when a few coins pumped and dumped.

The Fucking Bitfinex faggot that admin's cct group on fb perma banned me for pointing out that bitfinex is a shady ass operation.They are scared shitless and not taking any chances

>>13577278
no

Binance is just a massive plan by the chinks to separate the white man and his money.

>>13583004
They've always did that, you should worry when you get shitloads of obvious shills here

>tfw all my shit is on Kucoin