Somebody made £140k profit on these shares last year from memory and was asking how to sell it all at the peak. Hope they got out in time.
Here’s another one at 100k profit planning to get out just before the top:
Hope they all managed to get some money out.
- CZ behaviour vs FTX (that he was interested at all in FTX is a red flag, they they basically organised a run on another exchange’s token as another red flag).
- The constant protestations that they definitely have enough collateral including point in time audits
- The still far too high price of Bitcoin vs its true use-value
- The fact they print and manipulate their own coins (Binance Coin etc) and probably list them as high value assets when they are worthless
- The ‘$1 billion’ USD fund for companies in trouble in the crypto space ( sign of desperation hoping to save the ecosystem they depend on).
Bitfinex/Tether and Binance are just variations on the same scams FTX was pulling and I expect them to be exposed by the waning interest in cryptocurrencies and falling prices. There really isn’t much money in running a proper legal exchange, but what they’re doing is something else entirely - taking in good money and issuing bad money (various pumped coins).