Have you heard the news?
Binance is the latest FTX!
Seriously, have you seen all the red flags?
It's insolvent, bro.
Just trust me, bro.
Alright, in all seriousness, there's been a fair amount of rumors surrounding Binance's solvency this week. This narrative originated from Binance's ambiguous proof-of-reserves and internal audits.
Following these questions, Binance saw a net outflow of $1.3B over the last few days, with many prominent trading firms withdrawing nine-figure amounts.
And Binance's public image has been under fire, with the company's official Twitter account leaking a private chat log featuring a crypto trader with over 280,000 followers.
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If I've learned anything about being involved with crypto, it's to verify, not trust.
It doesn't matter what CZ or Binance says. Everybody lies.
Follow the money: It's the only truth in all this noise. It's why we put a premium on price action. It's the only fact that matters.
Personally, I don't have any of my Bitcoin on exchanges. I don't trust them. If it's not your keys, it's not your crypto.
So, when it comes to what we think of Binance, we'll focus on the only thing that pays: price.
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