$6B HEIST?! Binance Hack Shocks Market As Whales Ignore The Panic — Transcript

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1. 0:00Is it happy Friday today? Probably not.
2. 0:04Binance
3. 0:06the largest crypto exchange on the
4. 0:08planet
5. 0:10just had the biggest hack ever over $6
6. 0:14billion.
7. 0:16So, I know most of you guys already know
8. 0:18that, but it got I got a few other
9. 0:21stuff to talk about, some updates with
10. 0:23it. We did have a positive inflow
11. 0:25yesterday, plus 17 million, which
12. 0:29is a positive.
13. 0:31Uh
14. 0:31not so much for ETH.
15. 0:33Not so much for SOL.
16. 0:35A little bit for XRP, but yeah, right
17. 0:37now the strength is in Bitcoin, for
18. 0:40sure. ETH and SOL have gotten a little
19. 0:43weaker, especially after yesterday. A
20. 0:45lot of the alts got weak, people sold
21. 0:48off. I don't know if the hackers were
22. 0:50able to sell anything. I think if they
23. 0:52did, it would be much worse.
24. 0:55But right now
25. 0:58uh Bitcoin is still
26. 1:01holding the strongest.
27. 1:03Uh Binance reserve still holding. Yeah,
28. 1:06like I don't know how much they really
29. 1:07have in their reserves.
30. 1:09Because a lot of people said that, oh,
31. 1:10you know, they have 100 and something
32. 1:12plus billion. You know, that that that's
33. 1:14not their crypto. That's like all the
34. 1:16users and institutions and stuff, right?
35. 1:18So, it's not like they can
36. 1:20just give out 100 billion worth of
37. 1:22crypto.
38. 1:24Uh
39. 1:24no, but I I would like to know. I'm
40. 1:27curious to see like how much they have
41. 1:29in their
42. 1:31SAFU
43. 1:32you know, reserve, whether it's like 10
44. 1:35billion or 20 billion.
45. 1:38Don't know.
46. 1:41Uh what else? Some good news and not so
47. 1:44good news. Strategy
48. 1:47okay, is looking to buy
49. 1:52more Bitcoin, obviously. And more
50. 1:53strategy. They just announced yesterday
51. 1:55the daily daily dividend thing.
52. 1:59Um, however,
53. 2:02I saw this, their CFO just resigned.
54. 2:07Right after a quarterly
55. 2:10report.
56. 2:11Right? Normally, now
57. 2:15Now, Andrew Kang said it's due to
58. 2:17personal reasons, but normally speaking,
59. 2:20when you have a high executive,
60. 2:23especially in
61. 2:26finance or controlling finances or
62. 2:28crunching the numbers like a CFO, when
63. 2:31they all of a sudden depart and it
64. 2:33wasn't announced ahead of time,
65. 2:36that's usually not a good sign.
66. 2:39Something is going on, right? Don't know
67. 2:44what it is,
68. 2:46but it's not a good look that he resigns
69. 2:49right after a quarterly report.
70. 2:52Like he could have waited a week, could
71. 2:54have waited a month, he could have done
72. 2:55it a month ahead of time, but to
73. 2:58to resign right afterwards
74. 3:01is not a good look. So, I don't I don't
75. 3:03know what's going on. I mean, obviously
76. 3:04Saylor does and he's doing a lot of
77. 3:07complex leverage stuff with his
78. 3:09products, with his shares and strategy.
79. 3:13But, uh
80. 3:16we'll have to see.
81. 3:17We'll have to see.
82. 3:19Uh what else? Coinbase bought another
83. 3:21643 Bitcoin. So far, Coinbase seems to
84. 3:25be secure, no hacking attempts,
85. 3:29nothing out of the the usual, which is
86. 3:32good because
87. 3:34you know what? Binance overshadowed
88. 3:36other hacks that happened.
89. 3:39Uh we're just getting hacked left and
90. 3:42right right now. Like, it's it's
91. 3:44actually kind of crazy. Uh I'll get to
92. 3:47I'll get to that in a little bit, but uh
93. 3:49we do have
94. 3:51we do have good long-term holders.
95. 3:55They're still staying strong
96. 3:57despite all the sell-offs, despite the
97. 4:02liquidations,
98. 4:03right? Yesterday was one of those big
99. 4:05ones.
100. 4:061.63
101. 4:08billion.
102. 4:11So, one of the largest liquidation days
103. 4:13ever, once again.
104. 4:17And it's due to this hack, due to macro
105. 4:21conditions, due to earnings report. You
106. 4:25put it all together, you had a lot of
107. 4:28people lose a lot of money or all of
108. 4:31their money. So, again, when you play
109. 4:33with leverage, you got to be careful.
110. 4:36But it does The good thing is, normally
111. 4:39when we see something like this, when we
112. 4:41see like a wipeout,
113. 4:44a clearing,
114. 4:46okay? That sets us up for recovery. So,
115. 4:48normally speaking, that's what happens.
116. 4:55And if you're a chartist,
117. 4:57this is actually
118. 4:59pretty normal. Coming up from 2022's
119. 5:02bottom, after we had first hit like
120. 5:0434,000-ish or something or 30,000-ish,
121. 5:08we weren't able to break it.
122. 5:10And we actually went back down to this
123. 5:12100-week EMA as a support a couple times
124. 5:16before we finally broke through. And
125. 5:18that's exactly what happened. And some
126. 5:20people have pointed out that we probably
127. 5:21will hit it,
128. 5:23we'll probably retrace back down, and
129. 5:24that's exactly where we are. So, some
130. 5:27chartists will say this is completely
131. 5:29normal and why we're actually holding
132. 5:31where we are.
133. 5:34And
134. 5:36a reminder that every time
135. 5:39we do have a major collapse or reset,
136. 5:43right? Or hack,
137. 5:46we then
138. 5:49recovered and made a new high
139. 5:52afterwards, every single time. So, this
140. 5:54goes to show you
141. 5:56Bitcoin is resilient. It does not care
142. 6:00about what's going on. It may be
143. 6:02affected short-term, but long-term, it
144. 6:05just keeps on going and going and going
145. 6:08and going.
146. 6:09And most people don't even remember
147. 6:11these.
148. 6:13All right. I do. I But I I forgot. Like
149. 6:16I forgot about Bybit. They were hacked.
150. 6:18It was huge last year.
151. 6:20FTX obviously fell.
152. 6:23Right?
153. 6:24Binance, again, Coincheck, Bitfinex, Mt.
154. 6:28Gox. Oof.
155. 6:30The list goes on and on and on.
156. 6:32Uh yesterday also, Polymarket got
157. 6:35hacked. So, I saw some people say that
158. 6:37they lost a lot of money. Uh it's due to
159. 6:40some third-party breach. Some people
160. 6:43just got their their wallet drained and
161. 6:47uh their entire
162. 6:49you know, events got
163. 6:52got sold off or whatever. So,
164. 6:55yeah. So, even Polymarket got hacked.
165. 6:58Maybe not fully, but I know a lot of
166. 7:00people were talking about they lost they
167. 7:01lost money on Polymarket. So, I don't
168. 7:03know what they're going to do, if
169. 7:04they're going to
170. 7:06um
171. 7:08if they have reserves that they could
172. 7:09give out. I I don't know. But, yeah, I
173. 7:11mean,
174. 7:12people just overlooked this because of
175. 7:14what happened with Binance. But, like,
176. 7:16right now we're getting hacked left and
177. 7:18right.
178. 7:19Even Trezor
179. 7:20says that some of their hardware
180. 7:22wallets, you know, we talked about how
181. 7:24Ledger,
182. 7:26the one sold through Crypto Billies,
183. 7:28they had this hardware implanted, so
184. 7:30people lost their money.
185. 7:33So, Trezor is also saying that maybe the
186. 7:36ones that sold
187. 7:38by Crypto Billies may also have it
188. 7:41inside. So,
189. 7:43if you're like Asia and you bought a
190. 7:46Trezor Ledger not from the companies
191. 7:48themselves, you probably should and just
192. 7:51get to a new wallet. Don't
193. 7:54don't don't risk it. Okay? So,