PalmerEldritch Posted December 18, 2022 Share Posted December 18, 2022 https://www.ft.com/content/bb50a204-5239-4db0-9964-c3bf9339c594 Looks like outflows are increasing and their supposed auditors are getting cold feet. Timber….. Quote Link to comment Share on other sites More sharing options...
lombardo Posted December 19, 2022 Share Posted December 19, 2022 But their reserves are huge. Quote Link to comment Share on other sites More sharing options...
shlomo Posted December 19, 2022 Share Posted December 19, 2022 4 hours ago, lombardo said: But their reserves are huge. No reserves can much the intuition that binance is about to go under Quote Link to comment Share on other sites More sharing options...
nero120 Posted December 19, 2022 Share Posted December 19, 2022 4 hours ago, lombardo said: But their reserves are huge. Without a trusted, independent audit how do you know what their reserves are? Not a good sign if the auditors are getting nervous... Quote Link to comment Share on other sites More sharing options...
henry the king Posted December 19, 2022 Share Posted December 19, 2022 6 hours ago, lombardo said: But their reserves are huge. Their reserves are their pretend tokens they say are worth money. The whole crypto space is a ponzi. Quote Link to comment Share on other sites More sharing options...
bodgittandscarper Posted December 19, 2022 Share Posted December 19, 2022 This is gonna be great! The whole ******** scheme is about to unravel. Quote Link to comment Share on other sites More sharing options...
crash-and-burn Posted December 19, 2022 Share Posted December 19, 2022 On the upside, this could also mean Binance's advertising earworm melody won't invade my head prior to almost every YouTube video! Quote Link to comment Share on other sites More sharing options...
Si1 Posted December 20, 2022 Share Posted December 20, 2022 22 hours ago, henry the king said: Their reserves are their pretend tokens they say are worth money. The whole crypto space is a ponzi. No they're not. Their reserves are someone else's pretend tokens they say are worth the money. Get it right. Quote Link to comment Share on other sites More sharing options...
Staffsknot Posted December 20, 2022 Share Posted December 20, 2022 You mean unregulated digital assets and promises of people isn't a cure for paper assets and promises of people... Quote Link to comment Share on other sites More sharing options...
regprentice Posted December 20, 2022 Share Posted December 20, 2022 (edited) On 19/12/2022 at 08:08, nero120 said: Without a trusted, independent audit how do you know what their reserves are? Not a good sign if the auditors are getting nervous... Mazars did Binances last audit. They have announced they were withdrawing from all crypto audits, not just Binance. surely worried about being left holding the can for having signed off on a industry level fraud. thats leaves no credible audit or assurance company working in crypto. headlines like the following surely indicate Binance is just another FTX "Binance's former chief financial officer did not have access to the company's full accounts during his three-year tenure, report says" Edited December 20, 2022 by regprentice Quote Link to comment Share on other sites More sharing options...
captainb Posted December 20, 2022 Share Posted December 20, 2022 5 minutes ago, regprentice said: Mazars did Binances last audit. They have announced they were withdrawing from all crypto audits, not just Binance. surely worried about being left holding the can for having signed off on a industry level fraud. thats leaves no credible audit or assurance company working in crypto. headlines like the following surely indicate Binance is just another FTX "Binance's former chief financial officer did not have access to the company's full accounts during his three-year tenure, report says" I wonder if they are using QuickBooks like FTX who would sign off an audit on this nonsense.. Shame on mazars if they did historically Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted December 20, 2022 Share Posted December 20, 2022 23 hours ago, henry the king said: Their reserves are their pretend tokens they say are worth money. The whole crypto space is a ponzi. I've said this for a while, but many on here will disagree!! Interestingly, I have noticed increasingly desperate email marketing from Binance. $10 worth of free crypto type stuff. I''m pretty certain they are heading down. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted December 20, 2022 Share Posted December 20, 2022 3 minutes ago, Mikhail Liebenstein said: I've said this for a while, but many on here will disagree!! Interestingly, I have noticed increasingly desperate email marketing from Binance. $10 worth of free crypto type stuff. I''m pretty certain they are heading down. And for the record I am pretty much fully out of Crypto now. Some trailing balances on the XRP ledger as every address has a minimum reserve, and about £9 on Coinbase. Not really touched Crypto for 18 months as it got boring. Quote Link to comment Share on other sites More sharing options...
Gawdon Bwown Posted December 20, 2022 Share Posted December 20, 2022 But but but, Binance is one of the safer exchanges compared to others - I've seen the adverts. It keeps a secure asset fund for its users ? Oh hang on, reading more carefully that's something of a smoke screen, your coins are protected only by other coins at whatever the market decides is their value. Oh dear, what a house of cards this seems to be. "Funds are SAFU" seems in reality to mean FA Quote Link to comment Share on other sites More sharing options...
Data Dave Posted December 20, 2022 Share Posted December 20, 2022 Coinbase, next, is my guess. I dont see the fact other exchanges having issues as a net pos for COIN. The Feb '23 $35 Puts are trading around $5.80. Very good risk/reward. If it shits the bed too the move could be rapid. Quote Link to comment Share on other sites More sharing options...
Gawdon Bwown Posted December 20, 2022 Share Posted December 20, 2022 2 hours ago, Data Dave said: Coinbase, next, is my guess. I dont see the fact other exchanges having issues as a net pos for COIN. The Feb '23 $35 Puts are trading around $5.80. Very good risk/reward. If it shits the bed too the move could be rapid. Would also agree that it could just as easily be coinbase next Quote Link to comment Share on other sites More sharing options...
nuts Posted December 20, 2022 Share Posted December 20, 2022 LOTS of reasons to get out of crypto now, for those still in this game... before it is too late. a) fraud (FTX is not the last) b) pending US regulation (UK, EU to follow) c) failing exchanges and lack of liquidity for withdrawals d) general monetary tightening. Whether Cryto qualifies a a ponzi... rather than an asset bubble (cos' cheap money needs a home)... is irrelevant e) lack of real-world utility. this issue is IMHO critically important. It was quite a nice ride whilst it lasted, and there will be another crypto cycle in 2024/2025+ ... but there is no sense in being in crypto in 2023... and for those reasons, the time is to leave this asset class, whilst there are still an exit paths (e.g. crypto exchanges) to convert coins back to fiat. Quote Link to comment Share on other sites More sharing options...
lombardo Posted December 22, 2022 Share Posted December 22, 2022 On 19/12/2022 at 08:08, nero120 said: Without a trusted, independent audit how do you know what their reserves are? Not a good sign if the auditors are getting nervous... It's all on chain. It's public. The controversy isn't about their reserves bu their liabilities. Quote Link to comment Share on other sites More sharing options...
markyh Posted December 22, 2022 Share Posted December 22, 2022 On 20/12/2022 at 20:43, nuts said: LOTS of reasons to get out of crypto now, for those still in this game... before it is too late. a) fraud (FTX is not the last) b) pending US regulation (UK, EU to follow) c) failing exchanges and lack of liquidity for withdrawals d) general monetary tightening. Whether Cryto qualifies a a ponzi... rather than an asset bubble (cos' cheap money needs a home)... is irrelevant e) lack of real-world utility. this issue is IMHO critically important. It was quite a nice ride whilst it lasted, and there will be another crypto cycle in 2024/2025+ ... but there is no sense in being in crypto in 2023... and for those reasons, the time is to leave this asset class, whilst there are still an exit paths (e.g. crypto exchanges) to convert coins back to fiat. Good luck, be sure to post back when the bottom is in and it's time to pile back in, there's a good chap. Quote Link to comment Share on other sites More sharing options...
lombardo Posted December 22, 2022 Share Posted December 22, 2022 On 20/12/2022 at 14:41, Data Dave said: Coinbase, next, is my guess. I dont see the fact other exchanges having issues as a net pos for COIN. The Feb '23 $35 Puts are trading around $5.80. Very good risk/reward. If it shits the bed too the move could be rapid. Coinbase has been around since 2012. Unlike FTX. Quote Link to comment Share on other sites More sharing options...
Gawdon Bwown Posted December 22, 2022 Share Posted December 22, 2022 Another nail in the coffin... (that's if anyone listens to what the BOE think these days) https://news.sky.com/story/ftx-collapse-shows-crypto-is-too-dangerous-not-to-regulate-bank-of-england-deputy-governor-says-12773169 Quote Link to comment Share on other sites More sharing options...
winkie Posted December 22, 2022 Share Posted December 22, 2022 Quote Link to comment Share on other sites More sharing options...
msi Posted September 20, 2023 Share Posted September 20, 2023 FTX: 'King of Crypto' parents sued over missing millions The parents of FTX founder Sam Bankman-Fried are being sued for money they allegedly received improperly from the crypto firm ahead of its collapse. Quote Link to comment Share on other sites More sharing options...
Lord D'arcy Pew Posted September 20, 2023 Share Posted September 20, 2023 19 minutes ago, msi said: FTX: 'King of Crypto' parents sued over missing millions The parents of FTX founder Sam Bankman-Fried are being sued for money they allegedly received improperly from the crypto firm ahead of its collapse. Bankman-Fried used $100 mln in stolen FTX funds for political donations, US says https://www.reuters.com/legal/bankman-fried-used-customer-funds-100-mln-us-political-donations-prosecutors-say-2023-08-14/ Quote Link to comment Share on other sites More sharing options...
msi Posted September 20, 2023 Share Posted September 20, 2023 16 minutes ago, Lord D'arcy Pew said: Bankman-Fried used $100 mln in stolen FTX funds for political donations, US says https://www.reuters.com/legal/bankman-fried-used-customer-funds-100-mln-us-political-donations-prosecutors-say-2023-08-14/ Ssshhh! Quote Link to comment Share on other sites More sharing options...
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