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Binance Hack My Thoughts:
You know I'm not an entertainer, or a News broadcaster channel who posts quick reactions for engagement targeting. If I need time I take all I need and then Speak to You.
I'm in STRICT disagreement with people hyping Binance Hack as "Biggest Crypto Hack Ever" mostly so they can put all the Blame on the News for their lack of participation in My $87K > $76K SHORT or their losses from longs.
Thing is, This hack is NOWHERE NEAR of FTX Collapse's magnitude as we speak atleast.
Yes, the hack is bigger BUT Industry Now is 5X Bigger. $BTC During FTX crash was $20K
Plus, Binance Assets
Stolen Funds are a FRACTION of What Business Holds.
FTX Crash?
Was a whole different case, default bankruptcy kind of thing.
And I also believe your Funds are going to be withdrawable soon from Binance once they lift suspension. Trading is not suspended brother keep printing.
Kindly Repost so it reaches People who have been thrown into sheer panic by Posts Flooding their timeline only showing one side of picture.
By no means I'm promoting Binance here, You should never hold Assets on CEXes with volume for long time.
But @binance likely will recover out of it stronger tbh
Plus the Hacker Funds, big portion Atleast is Frozen
While FTX money was Long gone before News became public... officials had blown it away.
So do not panic or stress if you hold funds there I believe you'll be good! I myself have some money there as sub-exchange. Binance has also confirmed they'll cover all losses.
Though overall, it is definitely a Sad sight how HACKS are a normalised occurring in Crypto till day. Hope industry grows smarter in face of vulnerabilities.