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Binance users pull over $1 billion from the exchange after CEO leaves, pleads guilty (www.cnbc.com)

submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world

13 comments fedilink hide all child comments

Binance users pull over $1 billion from the exchange after CEO leaves, pleads guilty::Binance has seen outflows amounting to more than $1 billion in the past 24 hours, not including bitcoin, according to data from blockchain analysis firm Nansen.

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[–] Kalkaline@leminal.space 33 points 11 months ago (3 children)

Why would anyone keep their coins on an exchange? How many times do people have to learn this lesson?

[–] NOT_RICK@lemmy.world 9 points 11 months ago

A new bag holder is born every day

[–] BURN@lemmy.world 4 points 11 months ago

Anything farther is a LOT more complicated to the average user.

I gave up on holding crypto when I couldn’t find a way to hold it locally, nor do I trust myself to not lose the data in one of my frequent data purges.

[–] shortwavesurfer@monero.town 1 points 11 months ago

Apparemtly they never will. Its sad really.

[–] stifle867@programming.dev 2 points 11 months ago

I wonder how the $1B "outflows" breaks down into cash withdrawals vs moving crypto off-exchange.

[+] photonic_sorcerer@lemmy.dbzer0.com -6 points 11 months ago (2 children)

Who could've ever seen this coming? Who could've known that crypto is a sham?

Oh, wait. Yeah, that's right, almost everybody. If you lost money in this, that's on you.

[–] DetectiveKakuna@lemmy.world 4 points 11 months ago* (last edited 11 months ago) (2 children)

If you actually read the article and not the headline you would recognize that this has nothing to do with the legitimacy of cryptocurrency and everything to do with money laundering. All monetary value is imaginary after we got off the gold standard, so how are currencies controlled by global governments any less of a sham than crypto that is decentralized and not obfuscated by central banks?

Also if you lost money trading this news then I agree, that's on you. The total crypto market cap is valued higher today than before this news broke in the past 24 hours so if you sold on this news you only have yourself to blame 😂😂😂

[–] realharo@lemm.ee 8 points 11 months ago* (last edited 11 months ago) (2 children)

Well the practical difference is that money is something people actually use, where as crypto is mostly something they just hope to resell later to a higher bidder - who will only buy it because they hope to resell later to an even higher bidder.

[–] thenightisdark@lemmy.world 1 points 11 months ago

" crypto is mostly something they just hope to resell later to a higher bidder"

Unfortunately this is not true. It was getting used for money laundering, which is not reselling to the highest bidder. The proof is in the fact that they payed the fine.

Otherwise what was the fine for?

[–] stifle867@programming.dev 1 points 11 months ago

Oh people definitely use crypto all right! That's why they had to pay $4.6B to settle a money laundering case.

[–] Thetimefarm@lemm.ee 2 points 11 months ago (1 children)

Honestly all value is relative, even the gold standard is fairly arbitrary. If you're stuck in the desert with 100kg of gold bars you'd trade them for a gallon of water in a heart beat. That's basically how the american healthcare system works lol.

[–] stifle867@programming.dev 1 points 11 months ago

Arbitrary vs imaginary are distinctly different. You're both right but talking about different things.

[–] webghost0101@sopuli.xyz -4 points 11 months ago

FTFY: Who could've ever seen this coming? Who could've known that capitalism is a sham?

Oh, wait. Money’s merely a social construct, a game where we all agree that paper and coins mean something. If you missed that every profit chase is rigged with the same set of skewed rules, that’s on you.