the silver lining to all of this is that Binance will be fine
i do not believe there is a systemic risk here
Binance reportedly makes $16-$17 billion in annual revenue
almost half of the total amount involved in the incident has already been frozen or is potentially recoverable
total amount that may ultimately be unrecoverable = ~$3.2 billion
so about 2 - 2.5 months of revenue based on those estimates?
very manageable for a company of Binance's scale, especially considering its strong history of prioritizing users during periods of stress like this
@cz_binance and
@heyibinance have also publicly stated that all user funds are safe and will be fully covered
in my opinion:
- odds of systemic risk? incredibly low!
- odds of a bank run? incredibly low!
- odds of panic selling and overblown media headlines? yes
this is simply THE event that puts in the final local lows before things get really exciting again
Binance and the industry will be fine
don't make any trading decisions out of panic
chill, touch some grass, make sure your opsec is good in the meantime — crypto is not going away!