💰 Binance puts up $6.34 billion of its own money to plug the hole: $5 billion is already in the same tokens that were stolen, to be returned to users 1:1! $BNB is still stuck at 703 and hasn’t bounced back
▪️ Binance says it has set aside over $6.34 billion in company funds for this incident, while another roughly $3 billion in stolen assets has been frozen on-chain
▪️ The remaining shortfall is being covered by buying coins on the open market and over the counter. The company says withdrawals are still expected to resume as planned in about 45 hours
▪️ BNB is currently around 703.7, with a 24-hour range of 754.9 → 677.76. It’s still down about 6.5% on the day, the weakest among major coins
▪️ Futures open interest fell from about $424 million to $410 million over 24 hours; leverage is still being unwound
The money is in place, but confidence hasn’t caught up yet. The proof of reserves on November 1 will be the first checkpoint.
My personal take: if withdrawals resume smoothly, BNB could first recover to 714; if it falls below 700 again, the 677 low could be tested a second time.
Do you believe Binance’s $6.34 billion can stabilize the market, or would you rather wait until withdrawals resume? 👇
#BNB #BinanceSquare
▪️ Binance says it has set aside over $6.34 billion in company funds for this incident, while another roughly $3 billion in stolen assets has been frozen on-chain
▪️ The remaining shortfall is being covered by buying coins on the open market and over the counter. The company says withdrawals are still expected to resume as planned in about 45 hours
▪️ BNB is currently around 703.7, with a 24-hour range of 754.9 → 677.76. It’s still down about 6.5% on the day, the weakest among major coins
▪️ Futures open interest fell from about $424 million to $410 million over 24 hours; leverage is still being unwound
The money is in place, but confidence hasn’t caught up yet. The proof of reserves on November 1 will be the first checkpoint.
My personal take: if withdrawals resume smoothly, BNB could first recover to 714; if it falls below 700 again, the 677 low could be tested a second time.
Do you believe Binance’s $6.34 billion can stabilize the market, or would you rather wait until withdrawals resume? 👇
#BNB #BinanceSquare