To adjust to recent price fluctuations, Binance has topped up the SAFU insurance fund to $1B equivalent again.

BUSD AND BNB address about 700m: https://bscscan.com/address/0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa#tokentxns

BTC address 300m: https://blockchair.com/bitcoin/address/1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD

What is SAFU?
The Secure Asset Fund for Users (SAFU) is an emergency insurance fund that was established by Binance in July 2018 to protect users' funds.

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18 mil $SOL about to hit the market within 24h. 👇

Those with a lot of coins locked in staking are about to join the liquid supply.

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Do Kwon, Kyle Davies, Zu Shu, SBF, but it's the kid that wrote some of the Tornado source code that's in jail

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People are doubting about SBF's story of making millions in arbitrage and FTX is just a ponzi setup to coverup Alameda (that gives access to more liquidity).

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A total of 18,775,348 $SOL ($330M) will hit the market in 23 hours from now.

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CRASHED!!

Meta fires 11,000 employees.

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Yesterday was the biggest longs liquidation event since the luna crash

Open interest is down about 35% from its October highs, returning to June levels this year indicating that much of the leverage stack built up over the past 5 months has been removed.

At this moment, most of the market is in a short position trying to capture the drop in prices and the funding rate goes back to the lows of June, reaching the values ​​of June this morning.

Traders are mostly positioned in shorts and pessimism takes over the market in what could cause a squeeze in the opposite direction through a price recovery in the short term.

For the medium/long term, we will need to calmly reassess the whole situation before inferring forecasts.

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FTX freezes user withdrawals but continues to send funds to Alameda.

CT is furious.

While few pointed that etherescan has mislabeled the wallet as Alameda.

https://etherscan.io/tx/0x9a243ccfa09c93ef5a7071240bfdece69227434993d6235322805ee2e70129bc

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https://twitter.com/cz_binance/status/1590351182513729544/photo/1

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For folks who are busy and wants the crux of it:

CZ recommends not to trade $FTT token.

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No offense. 😇

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BREAKING: Binance strongly considering dropping out of FTX deal after looking at financials - CoinDesk.

https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/

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AGAIN. Fuck this. Outta here!

Remember, no user funds on FTX are insured, if this deal doesn't go through, user funds are lost.

Ok, outta here for real, now!!

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Most of FTX's Legal and Compliance Teams Just Quit.

https://www.semafor.com/article/11/09/2022/ftx-legal-and-compliance-teams-quit

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Can someone stop this madness and call it a day, please?

https://twitter.com/cz_binance/status/1590463239925944320

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Binance announcement on FTX deal, 2h ago:

As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.

In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.

Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.

As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger.

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FTX claimed to be a $40B entity and Alameda, a $10B hedge fund and yet struggling to clear $9B user funds?

Something is wrong!

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