flork-3:native βIn an infinite universe, peace is not always about finding a place to belong, but learning to sit still and smile at the beauty of simply existing.β
gstock:native Iβve never seen a memecoin that:
- Has a strong community.
- Is actively promoted by the CEO of an exchange.
- And in the case of GENIUS, even has CZ serving as an advisor.
OMG, this is absolutely insane...
What the hell is going on?
- The other day, there were rumors that Polymarket had been hacked.
- Yesterday, Binance was hacked.
- Today, a number of websitesβincluding Flapβhave been hacked.
Does this really have to keep happening, to the point where it crashes the entire market?
flork-3:native could have defended itself better.
Flork could have secured a better price.
Coulda, Coulda, coulda... the defensive strategy had already been discussed within the community group?
π€Unfortunately, it missed the golden opportunity a little.
flork-3:native π€‘
There are those who, just days ago, were criticizing the community, yet seized the opportunity to set up a group chat for their own personal gain.
There are others who, were offering their support, but turned to criticism the moment a collapse occurred.
Excellent... Honestly, I haven't heard anyone complain about losing money in the last few hours. Everything is perfect - except for that laptop. Perhaps they should have a safer plan.
Binance has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds.
The company has already publicly committed to cover losses through company funds in the prior announcement.
Binance has already reserved over $6.34B of company funds to cover this incident. $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels. We are doing this to match the format of the remaining token assets and address any asset shortfalls. This step can take longer because some tokens may have low liquidity and OTC settlement also takes time. We will share more progress as soon as we can.
These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification. Currently, $3bn has been frozen, with thanks to our industry partners. We are working with partners and law enforcement to recover the frozen assets.We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be verified publicly through our Proof of Reserves.
We will weather this storm. Thank you for the support.
This is truly terrifying... From Binance to Aaveβgiven this incident, various DeFi platforms could theoretically collapse.
The Binance hacker might have just pulled off one of the smartest moves Iβve seen in crypto.
First, Tether froze $1.5 billion in USDT.
Then Circle froze another $800 million in USDC.
At that point, it looked like the hackerβs money was trapped.
But apparently, he had already planned for that.
Instead of holding the stolen USDT in a wallet, he allegedly deposited it into Aave and used it as collateral to borrow ETH.
Then he walked away.
Thatβs where the story gets crazy.
Tether can freeze the USDT sitting in the wallet.
But it canβt freeze the ETH he already borrowed.
So now Aave is left holding frozen collateral, while the hacker is sitting on liquid ETH.
And unless the protocol can recover it somehow, he may not even need to pay the loan back.
Two companies froze billions of dollars in seconds.
But someone who understood how to use DeFi may have found a way around both of them.
Pretty insane when you think about it.
Readers added context they thought people might want to know
The described Aave deposit used only ~60M USDT as collateral to borrow 19,762 WETH before freezes hit the main wallet, not the bulk of funds; Aave states the overcollateralized position is subject to normal liquidation with no material protocol risk.
governance.aave.com/t/binance-hot-β¦
x.com/binance/statusβ¦
drk.vc/news/binance-1β¦
Today is the day Binance was hacked, much to the astonishment of almost all cryptocurrency enthusiasts.
And yet, just yesterday, CZ was reminding everyone about security issues.
Elon Musk: just π₯π
Meinya π (γ£ββ‘β)γ£βΏ retweeted
Nobody forced you to click BUY.
But somehow, everyone else is responsible for what happened after.
Explain that logic to flork-3:native
