Is Binance Facing Bankruptcy? My Learning After Trending FUD Post ๐
I saw a trending post today: "Binance is at the brim of facing bankruptcy? What if Binance get hacked one more time??" โ 58.2K views ๐ฑ
I did my own research โ Here is what I found:
Fact 1: Yes Binance was hacked on Oct 29 โ $6.3B theft across 10 chains
Fact 2: Binance response:
- Set aside $6.34B corporate funds to cover losses
- SAFU Fund $1.27B
- Replaced โผ95% assets already
- New Proof of Reserves: BTC 100.04%, ETH 100%, USDT 100%, USDC 106%, BNB 101.3% โ 1:1 backed
- Withdrawals resumed Nov 1
My Learning:
No exchange is 100% risk-free โ Binance says PoR is point-in-time snapshot โ In 2026 they moved to ADGM structure where user assets held by NCCL as trust property
What I do: I don't keep all funds on any exchange โ I learn with 1% rule โ This is educational only, not FUD, not financial advice โ DYOR
What do you think? Is FUD useful to make us more careful?
$BNB
$BTC #Binance #SAFU #ProofOfReserves #qasimcryptotrader007
I saw a trending post today: "Binance is at the brim of facing bankruptcy? What if Binance get hacked one more time??" โ 58.2K views ๐ฑ
I did my own research โ Here is what I found:
Fact 1: Yes Binance was hacked on Oct 29 โ $6.3B theft across 10 chains
Fact 2: Binance response:
- Set aside $6.34B corporate funds to cover losses
- SAFU Fund $1.27B
- Replaced โผ95% assets already
- New Proof of Reserves: BTC 100.04%, ETH 100%, USDT 100%, USDC 106%, BNB 101.3% โ 1:1 backed
- Withdrawals resumed Nov 1
My Learning:
No exchange is 100% risk-free โ Binance says PoR is point-in-time snapshot โ In 2026 they moved to ADGM structure where user assets held by NCCL as trust property
What I do: I don't keep all funds on any exchange โ I learn with 1% rule โ This is educational only, not FUD, not financial advice โ DYOR
What do you think? Is FUD useful to make us more careful?
$BNB
$BTC #Binance #SAFU #ProofOfReserves #qasimcryptotrader007
