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The Bitfinex exchange's misappropriation of funds to cover losses is a typical case of regulatory violation in the cryptocurrency industry that triggered market turmoil.

In its early years, Bitfinex relied on the Panama-based third-party payment processor Crypto Capital to handle user deposits and withdrawals. In 2018, this entity was frozen due to regulatory investigations, resulting in the seizure of $850 million in customer funds that Bitfinex had stored there. Bitfinex falsely claimed that the funds were merely protected and not lost, deliberately concealing the true situation that this substantial amount of money was difficult to recover.

Since Bitfinex and the issuer of USDT, Tether, are both part of iFinex and share a highly overlapping core management team, Bitfinex chose to misappropriate Tether's USDT reserves to fill this funding gap. It is important to note that Tether had previously claimed that every USDT was backed by a 1:1 reserve of US dollars, and this misappropriation directly broke that promise. To cover their tracks, both parties packaged this misappropriation as a related loan.

In April 2019, the New York State Attorney General's office intervened and filed a lawsuit, revealing the violations committed by both parties. The investigation also found that Tether's previous claims about USDT reserves had inconsistencies, such as temporarily depositing the corresponding funds on the same day the reserve report was released and then transferring hundreds of millions back to Bitfinex the next day. Subsequently, Tether quietly changed the wording on its official website from '1:1 dollar cash reserves' to a vague statement that included cash equivalents and other assets.

After the incident was exposed, the trust in the peg between USDT and the US dollar completely collapsed, triggering panic in the cryptocurrency market. Before and after the investigation results were disclosed, Bitcoin's 24-hour decline once exceeded 17%, and the market evaporated nearly $10 billion in value in a short time. Bitfinex users faced significant asset depreciation and withdrawal concerns, leading to a sharp decline in their assets. In February 2021, both parties reached a settlement with the New York prosecutors, paying a $18.5 million fine, and were required to disclose details of USDT reserve assets quarterly, as well as being prohibited from providing services to users in New York State.

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$BNB
{spot}(BNBUSDT)

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$BNB is currently trading at $883.66, down 1.36% over the last 24 hours, showing consolidation on the 4-hour chart.

The pair demonstrated a strong recovery from the recent low of $859.54 but is currently struggling to push past resistance near $900.

Traders should watch $871 as immediate support, while the previous high of $928 remains the major resistance level defining the overall trend.

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The SOL technical aspect shows a weak pattern, with prices running below the short-term moving averages. Each rebound quickly falls back, and shrinking volume indicates capital outflow. There is still space for further decline, and if it rebounds to the resistance zone, it is advisable to short.

Operational suggestion: Short around 132-135, targeting 125-122. If it breaks down, continue to target lower.
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$SOL
{spot}(SOLUSDT)

The core of the BCH fork power struggle is the technical route dispute between the two major factions of the BCH community in 2018, which ultimately evolved into a power war, with ordinary investors becoming the victims of this game of interests.

BCH was born from a Bitcoin hard fork in August 2017, with the Bitcoin ABC team, led by Wu Jihan, controlling the core development. As planned, a hard fork upgrade was to take place in November 2018, with the ABC team intending to add new opcodes to support smart contract ecosystem expansion; however, the nChain team, led by "Australia's Satoshi" CSW, opposed this and announced the launch of an incompatible BSV client, advocating for BCH to return to Bitcoin's original protocol, and also planned to increase the block size from 32M to 128M, leading to a complete public confrontation between the two sides.

After the differences could not be reconciled, both sides began to compete for computing power, as the size of the computing power determined which chain could become the main chain after the fork. CSW not only held summits to woo miners but also partnered with mining pools to invest money in leasing computing power; Bitmain, under Wu Jihan, also mobilized mining pool computing power to respond. During this period, both sides attacked each other on social platforms, while related stakeholders constantly exaggerated the impact of the power struggle's outcome on coin prices, inducing investors to follow the trend and buy tokens corresponding to their supported factions, with many retail investors blindly entering the market with the mindset of making price differences. At that time, data showed that mining pools supporting BSV once occupied 72%-80% of the total BCH network computing power, causing the market sentiment to fluctuate violently.

On November 16, 2018, BCH successfully hard forked into two currencies: BCHABC and BCHSV. This power struggle was costly, with estimates suggesting that the daily mining cost at that time could have skyrocketed to 100 million yuan, with a large amount of computing power resources wasted in meaningless competition. More critically, after the fork, market expectations for the two currencies quickly cooled, and combined with the bursting of the bubble created by prior speculation, both prices plummeted significantly. Ordinary investors, lacking professional information channels, were unable to predict the market trend after the fork, and due to following the trend in early operations, held positions at high levels, ultimately suffering painful asset losses.

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{alpha}(560x8105743e8a19c915a604d7d9e7aa3a060a4c2c32)

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$SOL
{spot}(SOLUSDT)