Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds).
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff it's just simple money laundering. They self-regulate so they win either way
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@ssiekmann In my experience, a lot of journalists are still pretty unwilling to believe that companies will just lie. And that’s a particularly bad perspective to hold when you’re covering the crypto sector.
@molly0xfff @ssiekmann companies lie all the time about everything that's why journalism is work but most so called journalists are just PR repeater 🤬
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@molly0xfff How the fuck do they have this much money to just throw away at a moment's notice? Apple's war chest is less than $150b and it's huge.
@molly0xfff Tether is really stupid if they freeze, burn, and reissue for free.
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
so just another ponzi scheme LOL
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff #Knords fleeced #crypto wankers for billions.
️ #Binance -
so just another ponzi scheme LOL
crypto was the biggest ponzi scheme ever
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@molly0xfff@hachyderm.io yeah that Reuters falls for this is unforgivable. I mean it’s a technically challenging subject but to explain how a deficit is “recovered” is really much more an accounting 101 issue
@ssiekmann It is really a Tech 202 problem….
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hahahahahahaha!
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff Serious question (I really have no idea about how these companies are set up): where do they get that above of money from? ‘Assets’ of their non-victim customers?
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@molly0xfff
So, I was mistaken in thinking that bitcoin, blockchain based assets, intrinsically included something that would prove ownership.@guardeddon @molly0xfff you're not mistaken, if people keep crypto in their own wallets that's exactly the case. But most people here aren't using crypto as it was originally envisioned - the entire industry has become "financial markets without those pesky rules" so everyone is just yoloing their money to wallets where the company records the entries on a traditional database in order to get interest etc
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff If frozen has a meaning for cryptocurrency, then it really isn't "decentralised". Does each cryptocurrency come with a sanctions list these days to stop miners processing specific blocks?
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff That would have been clearer in most other languages.
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@molly0xfff If frozen has a meaning for cryptocurrency, then it really isn't "decentralised". Does each cryptocurrency come with a sanctions list these days to stop miners processing specific blocks?
@merospit I explained it a bit in a footnote to https://www.citationneeded.news/its-always-north-korea/
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@molly0xfff Serious question (I really have no idea about how these companies are set up): where do they get that above of money from? ‘Assets’ of their non-victim customers?
@anotherdaniel They say it’s coming from company funds
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff I'd like to know how they can just pull $6+ billion out of their hat like it was nothing. Their reserve was only $1 billion, and what's left is a goodly chunk of change for any company to come up with in cash on short notice.
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@anotherdaniel They say it’s coming from company funds
@molly0xfff So a company built on the scaling of other people’s pyramid schemes has a few billion on hand in “funds”? Again, I don’t know much about this space - but this sounds even more fishy than their regular business.
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff
The single largest theft in the history of the world.....Move along, nothing to see here.
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@molly0xfff I'd like to know how they can just pull $6+ billion out of their hat like it was nothing. Their reserve was only $1 billion, and what's left is a goodly chunk of change for any company to come up with in cash on short notice.
@tknarr Sure is! And they paid $4.3 billion just a few years ago as a criminal penalty.
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff are they gonna ponzi their way through the other half until they can pull in enough revenue to be sound again or
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Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
@molly0xfff I'm having a hard time understanding how they are able to afford such huge loses with no FDIC insurance equivalent.
