AWalter Bloomberg just posted a string of Binance updates, and at least one of them is wrong.
BWrong how?
AFirst the good part: Binance says it will absorb the financial hit from the hack, not pass it to customers. That's confirmed.
BThat's the right call. What's the problem?
AAnother post claims every major token is now a hundred percent backed, including Ripple's RLUSD and Zcash.
ABut Binance's own proof of reserves page doesn't list those two at all.
BSo they declared victory on tokens they haven't even posted reserves for?
AExactly. Bitcoin, Ether, Tether, those are at or above a hundred percent. But the overclaim is right there in writing.
BStill, they're doing what no bank would do: eating the loss themselves.
AThat's a low bar, Bill. The hack happened on their watch.
AWeak security, maybe an inside job, and a social post that misstates the facts. Trust is earned, not promised.
BEvery exchange gets hit. Even banks lose money to fraud. The question is whether users get made whole. Binance says yes.
ABut if they can't get the token list right, why believe the backing numbers?
BBecause the big ones are on the proof page, at a hundred percent or better. That's not nothing.
AAnd one post quietly claims 90 percent of stolen assets already replenished. Latest confirmed number is about 80.
BTen points off? That's a material difference.
AIt's not a rounding error. And they also expect a partial deployment of their SAFU emergency fund within 24 hours. No official confirmation yet.
BThat's the insurance pool, right? If that gets tapped, it's real.
ASAFU was created after the 2019 hack. It's the emergency buffer. If they deploy it, the breach was big enough to need insurance.
BAnd that hasn't happened yet?
AThey expect it in the next 24 hours, but no confirmation. So we're in wait and see.
ARight. So the picture is: they'll cover losses, but the details are still fuzzy.
BFair. The social team overreached, but the core promise is still there.
AA promise is only as good as the proof. Right now, the proof has holes.
BYou know, critics will say this is exactly why 'not your keys, not your coins'.
ASelf-custody isn't a magic fix either. People lose keys, get scammed, forget passwords.
BBut at least you don't wake up to a hack and a vague promise.
AFair, but most people can't manage private keys. Exchanges exist for a reason.
BThat's the tradeoff. And today, exchange users are relying on Binance's word.
AWhich is why the proof matters. Show the reserves, match the claims, no overreach.
BSpeaking of holes, the market's response isn't pretty. Posts on X claim 1.6 billion dollars in liquidations and 643 million in Bitcoin ETF outflows.
AThose exact numbers I can't confirm, but the direction is real: crypto is selling off hard after the hack.
BOne trader says Bitcoin briefly tested the 76 to 77 thousand support zone. Again, not verified, but that's the talk.
AFear plus a security breach plus ETF outflows is a bad weekend.
ADifferent world entirely: a Telegram feed reports Senegal's lawmakers rejected the budget again, putting the IMF deal at risk.
BThat's not new— they rejected it before, right?
ATwice now, according to the post. No confirmation yet, but if true, it's a real problem for a country trying to keep IMF support.
BInvestors dislike that kind of uncertainty, and Senegal's bonds could feel it.
AWe'll watch for official word. But it's another reminder that politics can move markets on a Saturday.
BAnd now, because it's Halloween weekend, a Telegram channel posted Bitcoin's price every Halloween since 2010.
ALet's hear the arc.
B2010: 20 cents. 2025: 110,000 dollars. 2026: 77,400.
AIf the list is right— and I can't verify every number— it's a wild ride. From nothing to six figures and back down a third.
BThe scariest Halloween story in finance.
AHappy Halloween. Now back to the real horror show.