dymelight

[BSCN @BSCNews]

Kaspa's EVM layers passed a full stress test at 200x cheaper than Ethereum

Independent testing put Kasplex and Igra through 66 operations covering token transfers, DEX swaps, lending, and NFT minting. Both scored a 100% success rate with execution identical to Ethereum Sepolia.

Transaction costs came in over 200 times cheaper than Ethereum mainnet, all settling on proof-of-work. Post-Toccata, the $KAS ecosystem has a working EVM stack.

[dymelight @dymelight]

@MerlijnTrader It doesn't immediately seem like it but this is actually bullish for good crypto projects. The issue in crypto is weak hands and MM manipulation, prices never stay up, this will incentivise users to hold their digital assets, not fiat, and help price stability.

[dymelight @dymelight]

@MalingaGalabada Sounds miserable

[Wealthy Anon @wealthyanon]

Binance and CZ are having the worst week of its post-pardon era, and it is entirely self inflicted.

Three separate stories broke in the space of a few days. Taken alone, each one is bad. Taken together, they tell you exactly who is running the world's largest crypto exchange and exactly how little has changed since CZ walked out of federal prison.

The lawsuit that finally names him

On June 30, nearly 1,700 UK investors filed a claim in London's High Court against Binance and Changpeng Zhao personally, seeking more than £150 million, roughly $200 million. The claim form, filed by KP Law on behalf of 1,692 claimants led by a plaintiff named Tomas Sutas, does not just target the corporate entities. It names CZ directly, arguing he acted in common design with whoever actually operated the platform for UK users.

The allegation is specific and it is damning. Binance sold leveraged tokens, crypto futures, options, and margin trading products to UK retail customers starting around September 13, 2019. The UK's Financial Conduct Authority did not formally ban retail access to crypto derivatives until January 6, 2021. So the claim is that Binance was already operating outside the rules more than a year before the rule even existed, and kept going after it did.

This matters because of what UK law does to unauthorized financial contracts. Under the Financial Services and Markets Act, agreements sold by a firm without the required authorization can be declared void. Void means the claimants are not just suing for damages, they are arguing they never should have been bound by these contracts at all, which opens the door to reclaiming the full amount lost rather than negotiating a settlement. KP Law says some individual losses run into the millions of pounds, with the firm describing several as life changing.

Binance's public response has been the same line it has used in every jurisdiction for the last three years: it will defend the claims vigorously and remains committed to compliance. It has not disputed the specific factual allegations. It has pointed instead to roughly $300 million a year in compliance spending and nearly 1,500 compliance staff, numbers that sit awkwardly next to a claim that the exchange spent two years selling unauthorized products to ordinary British traders who had no idea what they were legally entitled to.

CZ was pardoned by Donald Trump in October 2025, wiping out the domestic consequences of his 2023 guilty plea for anti money laundering and sanctions violations, a plea that came with a $4.3 billion settlement, the largest in crypto history, and a four month prison sentence. The pardon erased the US legal exposure. It did not erase the UK's. He is now personally a named defendant in a case that could become, if it succeeds, the largest consumer protection recovery ever brought against a crypto exchange in Britain.

Locked out of Europe, and blaming a ghost

The lawsuit landed the same week Binance got formally shut out of the European Union. The exchange filed for a MiCA license through Greece back in January, treating the country as its EU beachhead. On June 16, Reuters reported the Greek regulator was preparing to reject the application outright. The stated reason was not paperwork. It was anti money laundering concerns tied directly to CZ's own criminal conviction and Binance's broader compliance history. Rather than sit through a formal rejection, Binance withdrew the application on June 24 and called it a strategic pivot toward another member state. Because it no longer had a license anywhere in the bloc by the June 30 deadline, it was legally required to suspend regulated services to EU users starting July 1. Spain's regulator has already confirmed there will be no grace period and no exceptions.

CZ's explanation for all of this is where it gets interesting. He says the Greek application was fully compliant and on the verge of approval, that two EU countries were actually competing to host Binance, and that the whole thing collapsed because of unnamed political forces. When directly asked whether European Central Bank president Christine Lagarde was behind the block, a rumor that has been circulating from an anonymous source, CZ did not deny it. He also did not confirm it. He said he had seen the same claims online as everyone else and had no verified documents pointing to her or anyone else.

Sit with that for a second. The regulator gave a specific, documented reason for the rejection: your founder is a convicted criminal and your firm has a compliance record regulators do not trust. CZ's counter is a vague insinuation about a named European central banker, offered with zero evidence, that he floats just enough to let his followers run with it while giving himself total deniability. That is not an explanation. That is a smokescreen dressed up as a grievance.

What the ex CFO just admitted about October 10

The third story is the one that ties the other two together, because it is the story about whether anything Binance says about its own systems can be trusted at all.

On October 10, 2025, roughly $19 billion in leveraged crypto positions were wiped out in hours. Binance's official position, repeated by CEO Richard Teng as recently as February, is that this was "a crypto event, not a Binance event," triggered purely by Trump's tariff announcement on China and a broader flight from risk that hit every platform simultaneously.

The technical record tells a messier story. Binance's Unified Account system allowed traders to post proof of stake derivatives and yield bearing stablecoins as collateral, and crucially, valued that collateral using Binance's own internal market data instead of external oracles. Binance announced an oracle price update on October 6 and did not implement it until October 14. In that eight day gap, attackers reportedly dumped around $90 million of USDe specifically on Binance. USDe held its dollar peg on every other exchange. On Binance, it displayed at $0.65. Every trader using USDe as collateral got forcibly liquidated based on a price that existed nowhere else on earth, while the attackers who orchestrated the dump had already positioned short and profited directly from the liquidations they triggered. To make it worse, Binance's system was overloaded enough during the event that traders could not even execute stop losses to protect themselves.

Binance's compensation for all of this came to roughly $283 million, against $19 billion in losses. It framed the payout as goodwill, not an admission, and explicitly excluded anything it classified as ordinary market fluctuation.

That was the story until today. Wei Zhou, who spent years as Binance's actual Chief Financial Officer before becoming CEO of Coins ph, has now gone on record backing a specific technical explanation that Binance has never acknowledged: a performance regression in a database read path caused a 33 minute internal processing delay at the exact moment the market needed those systems to function. This is not an outside critic speculating. This is the person who used to be inside the finance function confirming that the failure was structural and internal, not an inevitable market wide event Binance had no control over.

There is a detail buried in the same reporting that deserves its own sentence. During his tenure as CFO, Zhou was reportedly denied comprehensive access to Binance's consolidated corporate financial accounts. The person whose job was literally to understand the company's finances could not see all of the company's finances. If that is true, ask yourself what that says about what anyone outside the company, including regulators, has actually been allowed to verify.

OKX founder and CEO Star Xu backed Zhou's account publicly today and did not hold back. When CZ dismissed the growing criticism by suggesting Xu was jealous of him, Xu's response was blunt: jealous of what, his jail time as a convicted criminal, or October 11, when millions of users got liquidated and billions vanished, dragging the entire industry into a crypto winter it still has not climbed out of. Xu said he is not jealous. He is ashamed.

The pattern

Look at the shape of all three stories at once. A UK regulator's framework says Binance sold products it was never licensed to sell, for years, to people who had no idea they were unprotected. A Greek regulator says Binance's own founder's criminal record is disqualifying, and Binance's response is to gesture at an unnamed conspiracy rather than address the finding. And now the exchange's own former CFO is confirming, on the record, that the event Binance spent nine months blaming on macro conditions was actually a documented internal system failure the company chose not to disclose.

Three different institutions, three different countries, three completely independent findings, and every single one points to the same conclusion. When Binance controls the narrative, the story is always someone else's fault: the market, the regulators, political forces, jealousy. It is only when someone who used to be inside the building starts talking that the story changes.

CZ did four months in federal prison and got pardoned for it. The pardon cleared his record in one country. It did not clear the pattern.

[Wealthy Anon @wealthyanon]

Kimse yüksek sesle söylemek istemiyor ama 10 Ekim çöküşü bir piyasa çöküşü değildi, tüm piyasayı peşinden sürükleyen bir Binance çöküşüydü. Bir saat içinde on dokuz milyar dolar likide edildi, kriptonun gördüğü en büyük yıkım, ve bunun merkezinde Bitcoin ya da makro korku yoktu, Binance'in kendi fiyatlama sisteminin herkesin gözü önünde çökmesi vardı. USDe, Binance'te altmış beş sente kadar düştü, aynı anda diğer tüm borsalarda ve tüm DeFi havuzlarında sapasağlam bir dolarda duruyordu. wBETH, takip etmesi gereken ETH fiyatının yüzde seksen dokuz altına çakıldı. BNSOL de aynı şekilde uçuruma yuvarlandı. Bunların hiçbiri başka hiçbir yerde yaşanmadı. Coinbase'de değil, Kraken'de değil, Bybit'te değil. Sadece Binance, kendi başına, kendi özel çöküşünde.

Neden. Çünkü Binance, Unified Account sisteminde teminatları değerlendirirken sektördeki herkesin güvendiği dış oracle'lar yerine kendi iç orderbook'unu kullanmak gibi pervasız bir karar aldı. Bu, tek bir borsanın sığ likiditesinin, milyarlarca dolarlık kaldıraçlı pozisyon için margin çağrılarının gerçeklik kaynağı haline gelmesi demek. Bir satış dalgası geldiğinde Binance'in kendi defteri fiyat oldu, fiyat likidasyon tetikleyicisi oldu, likidasyon tetikleyicisi de daha fazla satış oldu. Kendi kendini besleyen kapalı bir çöküş döngüsü. Tam bu sırada Binance'in sistemleri tamamen çöktü, API hataları, donan para yatırma işlemleri, kullanıcılar hesapları anlık olarak likide edilirken teminat ekleyemedi ya da pozisyonlarını kapatamadı. İnsanlar pozisyonlarının infaz edildiğini izledi ve yapabilecekleri hiçbir şey yoktu.

Zamanlama işi daha da kötüleştiriyor. Binance, tam da bu varlıkların fiyatlama şeklini değiştireceğini 6 Ekim'de duyurmuştu, uygulama tarihi 14 Ekim olarak planlanmıştı. Bu, fiyatlama mekanizmasının kırılgan bir geçiş durumunda kaldığı sekiz günlük bir pencere bıraktı, ve çöküş tam bu pencerenin ortasına denk geldi. Binance'teki binlerce işlem çiftinden, tam da bu duyurulan güncellemeyle ilgili olanlar en sert şekilde peg'ini kaybetti. Analistler ve on-chain araştırmacılar bu tesadüfün istatistiksel olarak ne kadar saçma olduğuna dikkat çekti. Binance'in USDe için iç fiyatını çökertmek için altmış milyon dolarlık bir satış yeterli oldu, ve bu fiyatı gerçeklikle karşılaştıran hiçbir mekanizma olmadığı için bu durum on dokuz milyar dolarlık bir likidasyon dalgasına dönüştü ve tüm sektöre yayıldı, Binance'in oracle verisi daha geniş kripto altyapısını beslediği için diğer platformlardaki kullanıcıları bile vurdu.

Binance buna teknik aksaklık diyor, makro koşullardan kaynaklandığını söylüyor. Ne kadar da uygun bir açıklama. Dünyanın en büyük borsası, her ciddi yatırımcının kusursuz bir altyapıya sahip olduğunu varsaydığı platform, kendi sığ orderbook'unun kimin likide edileceğine karar vermesine izin veren bir margin sistemi kurdu, sonra da en kritik anda platformu ayakta tutamadı. Sonrasında bir miktar tazminat ödediler, ki bu da aslında kendi taraflarında ciddi bir şeylerin bozuk olduğunun itirafından başka bir şey değil. Binance'in mühendisliği piyasa payıyla eşleşseydi, 10 Ekim hiç yaşanmazdı. Bunun yerine, bu sektörde en büyük sorumluluğa sahip borsa, kripto tarihinin en çirkin likidasyon olayını yaşattı ve sonra suçu havaya atmaya çalıştı.

[dymelight @dymelight]

@cz_binance By best liquidity, he actually means fake volume, manipulated order books and endless paper hypothecation of real assets. Karma is coming.

[dymelight @dymelight]

@DesheShai Marketing is kaspas biggest pitfall I've said it many times already.

[dymelight @dymelight]

@cryptomatt1983 I think me and you are the only ones left buying down here bro, congrats for making it this far. Last it out and the sun will shine. I was there when SOL was at $7 and I had nothing to invest. That won't happen again.

[Kaspa King @KaspaKing1]

🚨 MICHAEL SUTTON DROPPED THE TRUTH BOMB TODAY 🚨
“It damn well is infrastructure. Infrastructure for the ages.”
— Kaspa core dev, June 24 2026
This isn’t hype. This is the guy who’s been building the covenants, SilverScript, ZK foundations, and Toccata hardfork speaking.
We’re not building another L1. We’re laying down digital silver infrastructure that’ll power agents, micropayments, DeFi, RWAs, and the AI economy for decades.
Crescendo done. Toccata activating in days. 25 BPS + DAGKnight coming.
The ones who understand are stacking quietly. The rest will FOMO later.
Kaspa isn’t coming.
It’s already here.
#Kaspa #KAS #InfrastructureForTheAges 💎⛏️

[dymelight @dymelight]

@blockdagen @Kaspacryptoking Well yes, this is why binance lists KAS on perps and not on spot.

[dymelight @dymelight]

@NoodlesFi Sui is just copying Kaspa but on POS, it's a worse technology, but has more adoption. It's annoying if I'm honest to see people ripping of Sompolinskys work. kaspa:native is superior but marketing is letting it down.

[dymelight @dymelight]

@dangambardello You missed KAS which makes all other L1's look like the warm up. I also hold SUI due to ETF and institutional status but it's still a worse POS coin.

[dymelight @dymelight]

@GuoShenCN7 BTC

[dymelight @dymelight]

@realvijayk I'll do it CJ! Not the type of meditation I usually do but the power of manifestation is real.

[MartyParty @martypartymusic]

Again for the newbies: Binance runs the market using wash trading - they are a for-profit business who’s model is selling longs liquidating shorts, selling shorts liquidating longs and wash trading to manipulate the price to extract maximum liquidity. If you dont know this by now I dont know what to tell you. The spot markets are irrelevant when the dominant exchange can wash trade to any prices they need.

Dana released a video with evidence below.

Binance long term strategy is always the question. Whether they care about Bitcoin or not.

They need the market dynamic to keep their money printer running until they are shut down.

Any project ICOed by them or in any way market made by them is completely in their control no matter what DATs or billionaires think.

https://t.co/TOIsPmpNND

[dymelight @dymelight]

@TateTheTalisman There's no right or wrong answer to this.
But what I do know for sure, I'm with a beautiful woman and she doesn't care about money. She hates guys with big egos. I lost everything, she stayed with me, I made it back. Stay humble.

[dymelight @dymelight]

@kapsacoin Lol BTC 1.6% says it all
BTC to zero

[dymelight @dymelight]

@ZssBecker 🫠

[Alex𐤊ander @AleksandrA65113]

🚀 5 REASONS KASPA WILL EXPLODE IN 2026

Last post we covered what problems Kaspa solves. Now — what happens next. The market hasn't priced this in yet.

⚡ 1. TOCCATA HARD FORK — JUNE 2026
Between June 5 and June 20, Kaspa stops being just a payments network. Native KRC-20 tokens, covenants via SilverScript, zk opcodes — all on L1. No virtual machine. No compromises. This is the moment UTXO meets full programmability.

🔥 2. NEAR-COMPLETE EMISSION ALREADY OUT
Over 95% of all KAS is already circulating. No team unlocks. No VC vesting cliffs. Pure market demand against a vanishing supply curve. The supply shock is at the door.

⛓ 3. 10 BPS NOW → 100 BPS AHEAD
Post-Crescendo, the network holds 10 blocks per second consistently. Roadmap: 25 - 40 → 100 BPS. Bitcoin: 7 TPS. Litecoin: 56. Kaspa already hit 10,000+ TPS at peak. Different league entirely.

🏛 4. THE INSTITUTIONAL WAVE IS ALREADY MOVING
Kaspa Industrial Initiative. WarpCore middleware for TradFi. Igra Labs prepping Galleon. After Toccata, every developer who's been waiting for programmability on REAL PoW plugs in. It's not "if" — it's "when".

💎 5. THE LAST FAIR LAUNCH STANDING THIS CYCLE
In a world where every new project is VC farmland with multi-year vesting cliffs, Kaspa remains the only major network with no presale, no premine, no insiders. In 2026, this isn't ideology anymore. It's museum-level rarity.

Markets don't believe until price confirms. But by then, entry is already more expensive. Don't say you weren't warned.

👇 Save this post. Share it with anyone still hunting for "the next Bitcoin".

#Kaspa #KAS #Toccata2026 #PoW #BlockDAG #Crypto #Altcoins #Bitcoin #Ethereum #FairLaunch

[Dii Desert Energy @DiiDesertEnergy]

@NickRock007KAS Dii is monitoring the developments in Kaspa and Kii