| ▲ | hattmall 7 hours ago |
| Binance having an extra $6B to cover this is wild to me. |
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| ▲ | GCA10 7 hours ago | parent | next [-] |
| Binance saying it has $6b+ is obligatory. We'll find out soon enough |
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| ▲ | Aboutplants 7 hours ago | parent | next [-] | | They have it, as long as no one tries to withdraw it | | |
| ▲ | booi 2 hours ago | parent | next [-] | | Schrodingers assets | |
| ▲ | HDThoreaun 2 hours ago | parent | prev | next [-] | | Binance is probably worth at the very least $30 bil. They can get a loan to cover withdrawals if they need to. Crypto hedge funds would love to because a binance collapse is bad for everyone who is long crypto | |
| ▲ | donaldjbiden 3 hours ago | parent | prev [-] | | [dead] |
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| ▲ | lokar 7 hours ago | parent | prev | next [-] | | I assume they would say it regardless | |
| ▲ | Zambyte 5 hours ago | parent | prev | next [-] | | I have absolutely no insight into their financials, but yeah, their incentives point entirely to saying the funds are safe, regardless of if they actually are or not. Either they are indeed safe, and it eases panic, or Binance folds, and lying didn't matter. It's do or die for them right now. | |
| ▲ | ActionHank 7 hours ago | parent | prev [-] | | Yeah, and anyone who had their crypto there will move elsewhere, then Binance has -12b |
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| ▲ | trotro 6 hours ago | parent | prev | next [-] |
| Bybit covered $1.5B last year, so it shouldn't be surprising that Binance, a much larger exchange, is able to cover 4x more. I think people here underestimate how profitable these exchanges are. |
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| ▲ | Analemma_ 3 hours ago | parent [-] | | Right, but the flipside is that a lot of people also go "look how much money they're making, they couldn't possibly go bust". Whole lotta people said that about Mt. Gox, FTX, Gemini, etc. Making a ton of money doesn't prevent you from doing dumb things with it and having no liquidity when the reaper comes. |
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| ▲ | paulpauper 5 hours ago | parent | prev [-] |
| 3 billion was frozen |
