He who lives by the sword, dies by the sword — Crypto edition.
Well, this is just what I think. But when you think about it, this thought makes sense. When FTX crashed after SBF’s ouster, I wrote an article on how I believe crypto giants, Binance, to be the intentional author of the red candles we saw. You can find that article if you take a moment to scroll through my content, or -here-.
One major take away from that article was that CZ knew what he was doing. As an intellectual, I can dare say CZ knew what was coming. He knew he was gonna cause massive crashes, but it was a necessary evil. To kill the cancer cells.
But what CZ probably didn’t know, was how far the shake was going to go. Since FTX crash, crypto has lost over $8Bn, with $BTC crashing below $16k in a few days after the collapse. But things didn’t end there. Crypto continued to crash, sending $ETH below $1k, and popular blockchain Solana token, to $6.
Very recently, attention from non-crypto-native has risen to begin to inquire into the activities of major web3 companies. Such is obvious in the US DOJ ruling against a crypto rugger accused of stealing over $2.9M from an NFT community.
This attention has also been extended to the biggest crypto exchange, Binance, by arguably the biggest Web2 magazine, Forbes.
Just as crypto has began to regain confidence following SBF’ arrest, Forbes has decided to reopen old wounds by peering into Binance’s books.
With information gathered from some native web3 news outlets like Defillama and Nansen, Forbes have been able to gather data that proves, according to them, that Binance is bleeding in assets. This attention according to CZ, is unnecessary, and refused to grant Forbes the opportunity to stir fry him.
This only furthered Forbes vitriol, as the media decided to leave a negative smirk on a spectators face.
Crypto, showing its ability to complete over $360M withdrawals in a day, tells of its extent. Even with over $3Bn loss of assets, for a crypto company to have sufficient reserves to process every single transaction within its ecosystem, should rather give credits to the potentials of crypto, than attention to the gimmicks of puppeteers.
Yeah. For me, this is something to be proud of. The crypto market has seen a terrible bear and is just building back trust. Destructive media would do more harm and wreck more havoc. This could be intentional.
Forbes took a head dive into criticizing Binance, raising dust about inconsistencies in their asset holdings, asserting the inconsistencies to lack of transparency on the CEOs side.
The media outlet also tried to spark the heated conversation about who owned the tokens in the customers wallet, a topic that has always been a slippery slope.
These conversations and topics, all gearing towards the summary of the Forbes post, can easily be read to be critical FUD targeted at the crypto exchange company, and probably the entire market.
For crypto natives, we should grow to become immune to calculated plots by market influencers. Knowing when to stay away from planned attacks and targeted activities would help us overcome the influence of outside factors/players.
Until again.
