new | show | ask | jobs Github

miohtama 3 hours ago

Stablecoins are frozen so the hole will likely be around two billion dollars.

Binance has equity and cash flow cover this, outside the insurance fund.

They custody $150B.

FTX was larger in dollar terms and ecosystem was smaller back in a day.

▲

weakened_malloc an hour ago | parent | next [-]

they borrowed ETH against the stablecoins on AAVE before they were frozen

▲

rootedbox 2 hours ago | parent | prev | next [-]

This might sound good.. but freezing currencies is bad. It evaporates trust of liquidity from whoever is doing governance. It's part of the reason why the bond market is doing what its doing lately and why countries are on-shoring gold reserves.

▲

paulpauper 2 hours ago | parent [-]

governments freeze currency all the time.

▲

nradov an hour ago | parent | next [-]

Only the shithole countries freeze currency trading. That doesn't happen with actual reserve fiat currencies.

▲

mirashii an hour ago | parent | next [-]

The primary reserve currency does it all the time. https://ofacblockedfundslawyers.com/us-sanctions-freeze-doll...

▲

nradov an hour ago | parent [-]

That's different. They freeze individual accounts subject to legal orders. They don't freeze the whole currency.

	▲	platinumrad 36 minutes ago \| parent [-]
		Is that not what is happening here?

▲

tarpitt an hour ago | parent | prev [-]

Well maybe it could happen with actual reserve currencies, but it certainly doesn't happen with platinum level, diamond tier luxury fiat currencies.

Oh you didn't know? I bet you trade in "dollars". That's cute.

▲

lazide an hour ago | parent | prev | next [-]

Name one anyone trusts.

▲

cyanydeez 2 hours ago | parent | prev [-]

definitely not the ones I keep track of, eh.

▲

jazzyjackson 2 hours ago | parent | prev [-]

Uh don’t you not want to cover losses with customer funds?