Posts about Binance
This is not a drill!
I repeat, This is not a drill!
Binance just burned 8.8 billion LUNC, that's billion with a B
The LUNC community is going wild, thanking CZ and accepting him as their lord and savior.
ClassyCrypto on twitter announced "The day is here" (I'm not sure what day he's referring to) but it has arrived
LunaBurnTracker broke the news with other users thanking CZ binance
https://i.redd.it/z6ia4jz79dla1.pngLook at the red burn candle, the total supply of LUNC just dropped by 8.8 billion
Some user threw caution to the wind and tweeted fire emojis.
The burn caused an almost 6% pump in the LUNC price.
Let's do the math and see how much the total supply of LUNC just dropped.
previous total supply - 6,869,800,000,000
new total supply - 6,861,000,000,000
for a total drop of 0.12% in the total supply 🔥 🔥 🔥 🔥 🔥
If CZ keeps burning at this rate LUNC will be back to it's previous ATH in in a few centuries
Maybe somebody needs to send help over to the LUNC community.
Firstly, Binance initially published a snapshot-based proof of reserves attestation. However, within 24 hours funds were found to be moved that amounted to almost $3 Billion. I broke that news in this post. CZ himself said "If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away".
Some may still give them the benefit of the doubt. Then, Binance published an independently audited PoR(by Mazars). This reported a 101% overcollaterlization however the asset scope of the report only BTC. They reported on-chain BTC reserves of 582,485.9302 BTC at which point BTC was at $16,147 which amounts to $9.4 Billion in BTC reserves(Nov 22nd 2022). Further, the previous snapshot-based PoR totaled around $69 Billion(Nov 11th 2022). This means their audit only "proved" reserves for 14% of their total assets.
Now clearly, this is highly misleading to customers who only read a 101% overcollateralization and "fully backed". Incidentally, Mazars(and Armanino) have left the crypto space 'due to concerns of how the audits are understood by the public', which is exactly my point. Virtually, no one reads the entire report to know which assets are actually in-scope of the report and compare that value to the total assets. Most of the time, the total actual token amounts in the reserves report as well as the total value of assets held by the exchange are not public knowledge and are extremely hard to accurately calculate anyway so this is almost never a viable route.
Again, I am not saying Binance was the sole reason, as there are other exchange whose PoR attentations have very low asset ratios, but Binance is definitely among the lowest. And for a player as massive as Binance and their potential industry impact, that was simply too huge a reputation risk for audit firms to take.
Sources:
I've learned the hard way, so I'm reporting here so that you can't make the same mistake.
I've been using credit cards like forever. In the past September I made a purchase in a German Marketplace for a professional equipment (valued a little over 1000€), like I've done many times in the past.
The marketplace has a seller/buyers protection just like ebay or Paypal. Since this was 2nd hand professional equipment I was speaking with the seller about it, and we also spoke about other stuff in normal conversation, everything looked good.
I decided to purchase the item from him, but he managed to forge a link into the paying system that looked exactly the same as the system the marketplace uses.
So as you expect, I paid, he received the money, and after than he disappeared, never replied anymore, obviously sent no item, no tracking number, no nothing. 20-30min after I made the purchase, I receive an email from the marketplace, informing me that the person I was dealing has been blocked for the said practices.
So there you have it, I was scammed for phishing I guess... Thankfully I paid using Visa that has mechanisms to protect the buyer, and surely, they will reverse or chargeback this payment.
So right after I detected the fraud (only like 30min after the payment was made), I contacted Binance support... Good luck with that... they only replied next day lol.
Anyway, I explained the situation, sent all the proofs of conversation, payment, and email I got from the marketplace, I have every proof of the purchase, and obviously the seller completely disappeared, so they have nothing from their end.
They said they were going to check it out for me... Hey made me fill a bunch of forms (made on google docs) that looked pretty amateur, and told me to way 28 days....
I waited 28 days, then they ask me to wait another 4 or 5 weeks.
By December I call them back to give me updates, and they simply ask me what happened, and made me tell all the story again, give all the evidence, etc etc... So in the 3 months they did absolutely nothing, to the point that asking me the same things they asked in the day I was scammed.
All the forms, all the documents, everything was just for show, to make you feel that they were doing something. They did not...
I've complained quite a bit, and they passed me to a "supervisor", who knows, by now everything seems fake for me, just fake strategy to make you feel they are doing something.
Today is March and I had enough, they say they can't do much, and that I have to talk to authorities and the marketplace, when it's clear on VISA's own website that it's supposed to offer protection to online e-commerce
https://www.visa.co.uk/pay-with-visa/protection-benefits.html
Online shopping is as safe as the high street and it’s reassuring to know:
If you’re the victim of online fraud
If your order is not delivered
If you receive the wrong item
If your order is delivered damaged
If your travel company or airline goes under before your trip or whilst you are away
AND you have paid with your Visa card, you can get your money back (subject to your bank’s terms and conditions).
There you go, don't use your Binance's card for online shopping as they don't honour the protections they claim.
Today I'm working with my lawyer to go against Binance.
TLDR. Used Binance's card to buy a product in e-commerce, got scammed with proof, and Binance didn't do anything to offer protection (that all visa's are supposed to have) and looks like they were doing some fake stuff behind the scenes to make it look like they were doing something for me.