BD @cryptoquant_com | On-Chain, Data-Driven Solutions | DM for Partnerships | Views are my own
Joined October 2021
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164,000 new Bitcoin will be mined in 2025. @MicroStrategy alone has purchased 182,391 Bitcoin YTD
You do the math 🚀
AI already replacing at least 60% of technical/B2B sales
Funny part is you don't really get more free time. Just spin up another sales agent until you run out of credits
Binance ➡️ holds users assets 1:1, validated through proof-of-reserves, and fully reimburses their clients and users after security breaches
Banks ➡️ maintain 0% reserve ratios, reinvest user deposits in risky loans and lobby for taxpayer-funded bailouts when their investments turn bad
Not the same.
⚠️ PSA: While Bitcoin was "dumping" as a result of the Binance hack, ETF holders were left holding their bags unable to sell (with a few small exceptions). Imagine having to pay "management" fees for that 😂
They're lucky the broader ecosystem stepped in to stem the tide through freezes.
People who COULD react immediately: Those holding spot BTC on crypto exchanges.
Benji ₿ retweeted
The largest hack in crypto history just hit the largest exchange.
And Binance is absorbing it.
$6.3B drained. ~$3B already frozen. The rest covered by its SAFU fund and its own money.
User funds: safe. What the on-chain data shows 🧵
1. The ETFs literally use crypto exchanges as their Bitcoin custodians.
2. Not only that but they all primarily use one exchange (Coinbase) which represents one of the largest concentration risks in the whole Bitcoin ecosystem.
3. Binance froze the majority of non-BTC assets while covering BTC assets with their SAFU fund. On the other hand, Bitcoin ETFs are NOT fully insured in the event of a Coinbase hack.
4. Bitcoin ETF management + trading fees are easily nore expensive than buying on exchanges and then moving to cold storage.
The Bitcoin ETFs are a black swan just waiting to happen
The Binance hack is a good case study in what can and cannot be frozen on-chain.
How freezing works:
Stablecoins like USDT and USDC have an admin “blacklist” built into each token contract. When an issuer blacklists an address, that token can no longer move from it. The address itself is not frozen: other tokens in the same wallet can still move. Every chain has its own contract, so issuers have to blacklist the address separately on each chain. Frozen does not mean returned. The issuer can later burn the frozen tokens and reissue them to the victim, usually through law enforcement.
Already frozen:
USDT (Ethereum): ~$1.38B verified on-chain across the main attacker address and downstream wallets (Tether reports $1.57B+ in total)
USDC (Ethereum): ~$823M (Circle, in coordination with law enforcement)
RLUSD: ~$200M (Ripple, per Binance co-CEO Yi He)
Arbitrum: ~$30.5M (Arbitrum Security Council)
USD1: ~$27M, plus ~$2M in WLFI (World Liberty)
PAXG (Paxos Gold): $8M+ Paxos froze 1,906.67 PAXG in the attacker’s main wallet
Not frozen yet, but can/could be:
USDT moved before the freeze: ~$700M on Ethereum, though much of it has already been swapped into ETH
USDT on Tron: ~$613M, not frozen per the latest on-chain data. Some trackers say it’s unclear whether this was the attacker or Binance moving funds.
XAUt (Tether Gold): issued by Tether, which controls the contract
wBETH: issued by Binance itself, which controls the contract
Cannot be frozen:
BTC: ~16,700-18,300 BTC (~$1.3-1.44B), with attribution still being confirmed
ETH: ~197K ETH taken directly, plus more acquired through swaps
TRX: ~46.4M
Other tokens: UNI, ENA, LINK, AAVE and PEPE
This explains why the attacker has been swapping stablecoins into ETH and borrowing ETH against USDT on Aave: they’re moving value into assets no one can freeze.
User funds are safe.
Binance will cover all hacking losses.
Deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement.
We will share a full post-mortem once the investigation is complete. Please rely only on official Binance channels for updates.
Benji ₿ retweeted
Don't panic about Binance. 🛡️
Tether and Circle have reportedly frozen ~$1.8B in affected funds.
And don't forget: Binance's SAFU Fund reportedly holds 15,000 BTC (~$1.2B).
That's another potential safety net if there's a remaining shortfall.
"We are not interested in those stupid crimes that you have committed. The Party is not interested in the overt act: the thought is all we care about. We do not merely destroy our enemies, we change them."
(Brazil.., 1984)
"Flávio has given up," a Bolsonaro family adviser told The Washington Post. "He's terrified."
Flávio Bolsonaro dropped his effort to annul Brazil's election over fears he could be imprisoned.
The adviser: "He is worried his father will die in jail, that he himself will be jailed this week and that he may have a long prison term ahead."
Okay this is getting kind of wild...
2020: Product ideation
2021: Beta product shipped
vs
2026: Product ideation at 10am, shipped by 4pm
Benji ₿ retweeted
It looks like Brazil is finding out:
You can vote your way into communism, but you can't vote your way out.
The US is betting on AGI, while China is betting on AI commoditization
🇺🇸 Protect the chips & compute
🇨🇳 Subsidize the tokens & costs
One of them is wrong, which one?
Benji ₿ retweeted
Connected CryptoQuant’s MCP server? Time for your first analysis.
Try this prompt:
“Analyze Bitcoin’s current on-chain activity. What are the key trends in exchange flows, whale behavior, and investor demand?”
See what the data reveals 👇
Benji ₿ retweeted
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We built the Analyst Consensus Index to help track market sentiment across Bitcoin, Ethereum and other crypto assets.
@Bloomberg is using it: bloomberg.com/news/articles/…
You can use it too: consensus.cryptoquant.com
