Last night I asked whether we’d reclaim 80,000 first or drop back to 76,500 before another attempt. The market chose the latter: $BTC closed at 77,160 yesterday, dipped to 76,240, then bounced back. This morning it’s been hovering around 77,500, without even touching 80,000. Put simply, it’s not a technical issue—withdrawals are still disabled, and nobody feels confident.
Overnight, Binance issued its second update: there’s a $6.3 billion hole, and the company has $6.34 billion ready. More than $5 billion of that is spot assets in the original currencies, covering about 80% of the shortfall; roughly $3 billion remains frozen. Binance revised its wording on withdrawals, saying they’ll resume in batches by currency, starting within about 34 hours. A snapshot of reserves will be taken within 12 hours and published before November 2, with technical findings expected about 48 hours later. That’s earlier than the 45 hours mentioned yesterday, but there’s still a caveat: it depends on whether the security checks pass.
Binance also admitted there was more than one point of entry—it wasn’t just one computer. The money can be replenished, but they still haven’t fully explained how the hole was created. Whether the first wave of withdrawals after services resume turns chaotic depends on that.
$ETH is around 2,250, and $BNB is around 705. Both are still deep underwater, with no meaningful bounce. Just my personal opinion, not financial advice.
#BinanceHack #BTC
When withdrawals reopen, will you pull your funds straight into self-custody, or keep them on Binance and bet on a bailout? Pick a side in the comments.
Overnight, Binance issued its second update: there’s a $6.3 billion hole, and the company has $6.34 billion ready. More than $5 billion of that is spot assets in the original currencies, covering about 80% of the shortfall; roughly $3 billion remains frozen. Binance revised its wording on withdrawals, saying they’ll resume in batches by currency, starting within about 34 hours. A snapshot of reserves will be taken within 12 hours and published before November 2, with technical findings expected about 48 hours later. That’s earlier than the 45 hours mentioned yesterday, but there’s still a caveat: it depends on whether the security checks pass.
Binance also admitted there was more than one point of entry—it wasn’t just one computer. The money can be replenished, but they still haven’t fully explained how the hole was created. Whether the first wave of withdrawals after services resume turns chaotic depends on that.
$ETH is around 2,250, and $BNB is around 705. Both are still deep underwater, with no meaningful bounce. Just my personal opinion, not financial advice.
#BinanceHack #BTC
When withdrawals reopen, will you pull your funds straight into self-custody, or keep them on Binance and bet on a bailout? Pick a side in the comments.
