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Comment by vasco | Hacker News Reader

So not long ago FTX was going to save Celsius, then balked. Now Binance was going to save FTX, then balked. When Binance needs saving, is that the end, or is there another turtle under these three turtles?

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When the feds catch CZ which they inevitably will it will be truly over.

Pretty sure Binance was the first exchange to socialize the losses of a hack into an aidropped token to all users - which then allowed users of the exchange to gamble on the future on whether or not they’d be made whole.

Feels like the origin story of BNB chain to me

That was Bitfinex, and honestly it was the best possible outcome. Far better than what ftx users are likely to get.

You are correct, my bad

That was Bitfinex as far as I remember, exchange based in Hong Kong. They are the guys behind Tether which also many people think is not backed up by real assets.

Yeah good ‘ol Finex

Maybe Tether can print money to save Binance.

Interestingly Tether started wobbling at just below $1.00 again today. I wonder if it's connected to this news, the drop in BTC price, or something else.

Borrowing shot up in Tether, and with it, the interest rates on lending dapps. The same didn't happen with USDC:

USDT: https://app.aave.com/reserve-overview/?underlyingAsset=0xdac...

USDC: https://app.aave.com/reserve-overview/?underlyingAsset=0xa0b...

Given the amount of people who are willing to put their money into a fairy tale, I guess it will never end, just shift. After all, why should they stop taking if others won’t stop giving?

the only fairy tale around here is the US CDS curve.

Coin base?

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