welcome back everybody to altcoin daily we keep you informed on a daily basis everything going
on in cryptocurrency that you need to know about this is why you subscribe top story binance smart
chain halted over potential exploit a hacker made off with 2 billion BNB tokens worth over
half a billion dollars and that's not all they took transactions on the binance blockchain also
known as BNB chain and binance smart chain were halted after a potential exploits in the network
was detected through a spike in irregular activity well what was some of this irregular activity
according to blockchain security firm slow Mist the exploit allowed cyber criminals to get away
with 570 million in digital assets including ethereum polygon BNB chain Avalanche Phantom
arbitrum optimism Finance was quick to alert their community on this one they said due to
regular activity were temporarily pausing BSC we apologize for the inconvenience and will provide
further updates here thank you for your patience and understanding to confirm we have suspended BSC
after having determined a potential exploit all systems are now contained and we are immediately
investigating the potential vulnerability we know the community will assist and help freeze
any transfers all funds are safe CZ the notable CEO of binance exchange also took to Twitter
to update the community he said an exploit on a cross-chain bridge BSC token Hub resulted in extra
BNB we have asked all validators to temporarily suspend BSC the issue is now contained your funds
are safe we apologize for the inconvenience and will provide further updates accordingly so what
do you think about this seriously I'm curious to know what you think about this in the comments
below Below in my opinion there are really two schools of thought here number one the way binance
and CZ handled this hack should be the standard transparent communicative openly willing to take
the financial loss what more do you want from a team and actually cesian binance have a history
of being transparent communicative you know I've been following these guys since 2018 and you know
BNB just suffered a massive exploit that would have crippled 99 percent of projects yet it only
dropped the project five percent and the Project's currently hovering just 2.5 percent down yeah I
don't think betting against CZ and binance is a good idea or another way to think about it hey
Finance smart chain isn't that decentralized two years ago there was a couple months stretch where
people actually thought that Finance smart chain was an ethereum competitor I fought so many dumb
reply guys about how the chain was run by one entity and was not decentralized whatsoever to
years later the chain is completely paused and I actually think that's a big reason why the token
value didn't drop that much in price because not decentralized is already congruent with
how we think of binance smart chain and finally on binance Smart chain I actually think one of
the best ways to look at this is not black white right wrong well I mean obviously an
exploit that's black and white that is wrong but to define the chains as this one's bad this one's
good I think the best way to look at this and moving forward I hope to see more of this we have
a more nuanced view as we get more information on each specific chain BNB blockchain down because it
was centrally stopped after a half billion dollar hack Solana blockchain down many times because of
spam and technical issues ethereum has never had downtime but was updated with a hard Fork
after the Dow hack back in the day are there other examples of this comment below seems we've reached
the depths of the cryptocurrency bear Market if you've ever used Celsius I'm sorry about this
Celsius reveals names and transaction history of thousands of customers in public court filing the
document runs over 14 500 pages long with customer information so Celsius naming names in a court
filing that is circulating online today bankrupt crypto lender Celsius revealed the names and
transaction history of tens of thousands of its customers the document which accompanied several
other filings as part of the company's ongoing bankruptcy proceedings runs more than fourteen
thousand five hundred pages long of course the company first paused withdrawals on June 12th
and filed for bankruptcy a month later we've been following the story ever since have you
seen the document with machinski's name on it in the transaction history of every user celsi
has published a 14 000 page document detailing ever user's full name linked to timestamps and
amount of each deposit withdrawal and liquidation this horrific breach of privacy will lead to many
getting robbed and maybe something else anything not provably cryptographically
private will become public that's something to think about so let's not mince words if you've
ever used Celsius even once you are now name and information doxed very cool very normal behavior
from an utterly psychotic platform that deserves to be absolutely burned to the ground I actually
have an exclusive video of Alex machinsky and Celsius leadership apologizing to its users stop
he needs to stop crying he needs to stop crying
the Celsius rug and docks and BNB exploit and coordinated shutdown are two examples
on the same day of how hard it is to separate C5 and defy centralized finance and decentralized
finance true open protocols should be protected but we can't die on the hill for centralized
companies see the issue is policy makers look at massive hacks and losses and see centralized
Finance masquerading as decentralized Finance makes them want to capture the whole ecosystem
without exception because they think Defy is BS not because the protocols aren't powerful but
because they're actually not decentralized or as decentralized so tell me what you think in
the comments below we will continue to keep you updated on this if you subscribe to our channel
of course we are about to begin our week of interviews being released because we are at
Future blockchain Summit in Dubai so look forward to some interviews with notable people in crypto
send this video to a friend if they have questions regarding what's going on with binance or what's
going on with Celsius this will answer a lot of their questions it's just really interesting
staying informed with how cryptocurrency is evolving and changing maker Dow to invest 500
million in U.S government bonds maker Dow the world's largest decentralized Finance lending
protocol announced on Thursday a plan to invest 500 million in short-term U.S treasury bonds and
investment grade corporate bonds the plan which was approved by makerdale members in
a community-wide months-long vote we'll see 400 million of the organization's asset reserves put
towards U.S treasury bonds and 100 million invested in corporate bonds a pilot transaction
of 1 million has already been completed with the rest soon to follow mixed reviews from the
community whether they lacked this or dislike this not the end for the project whatsoever but
it's just trending a little bit more centralized which isn't necessarily bad for the price either
just something to keep in mind in other news the Solana co-founder says the crypto bear
Market could last 12 to 18 more months because of what the FED is doing in the series of interviews
we'll be releasing we asked a lot of people's opinion on whether they think the bear Market
has a more downside to go or if they're bullish so you'll get a wide range of opinions coming up
in this next week kind of big news for sushi swap Global asset manager firm golden Tree revealed a
5.3 million token stake in decentralized exchange Sushi swap golden tree has around 50 billion in
assets under management and said it has been following Sushi swap for a while the asset
managers recently launched their crypto-focused golden chain Asset Management Division and
said they were psyched to be more active in all things Sushi golden tree says it plans to focus
on helping Sushi swap work on its tokenomics and general strategy among other objectives of course
Sushi swap is a fork of another popular decks uniswap and was launched in 2020. the future
of this industry is developing right before our eyes coinbase used to do one thing sell Bitcoin to
retail customers now they sell many coins they have an Institutional arm this is coinbase's
entire Suite of products the best case coinbase becomes the Google or Microsoft of crypto and
everybody interacts with their products daily in one way or another or the other case 95 percent
of these products get beat up by startups that are hyper focused on each category either way
crypto is moving in One Direction my name is Aaron subscribe to the channel see you tomorrow