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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

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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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[–] photonic_sorcerer@lemmy.dbzer0.com -5 points 11 months ago (7 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 2 points 11 months ago* (last edited 11 months ago) (5 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?

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