{"id":548773,"date":"2023-08-25T01:00:02","date_gmt":"2023-08-25T01:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=548773"},"modified":"2024-06-11T08:14:25","modified_gmt":"2024-06-11T08:14:25","slug":"cz-breaks-silence-refutes-binances-bitcoin-dumping-allegations-to-safeguard-bnb","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cz-breaks-silence-refutes-binances-bitcoin-dumping-allegations-to-safeguard-bnb\/","title":{"rendered":"CZ Breaks Silence, Refutes Binance&#8217;s Bitcoin Dumping Allegations To Safeguard BNB"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In <\/span><a href=\"https:\/\/twitter.com\/cz_binance\/status\/13325644?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">response <\/span><\/a><span style=\"font-weight: 400\">to mounting speculation and accusations circulating within the crypto community, Binance CEO Changpeng Zhao (CZ) has addressed allegations of a significant sell-off of Bitcoin (BTC) by Binance. These allegations have been linked to a 7% BTC price drop.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">CZ took to Twitter to respond, reposting a <\/span><a href=\"https:\/\/twitter.com\/zkHopium\/status\/92420740?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">thread <\/span><\/a><span style=\"font-weight: 400\">by a user named ZkHopium, who provided a detailed analysis debunking the claims and highlighting the fundamental basis of the situation.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-shib-association\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Burn Tracker Unveils SHIB Association, What Is It About?<\/a><\/div>\n<h2><span style=\"font-weight: 400\">CZ Debunks Allegations Of Bitcoin Dumping<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The thread by ZkHopium sheds light on the events surrounding the Binance Coin (BNB) liquidation on Venus Protocol. It explains that the exploit occurred on October 6th, 2022, on the Binance Smart Chain (BSC), creating 2 million BNB.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Of this amount, 900,000 BNB were deposited on Venus Protocol to borrow approximately $150 million worth of USDT and USDC. In response, the BNB chain burned more than 2 million BNB, equivalent to around $550 million at the time, effectively removing these tokens from circulation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">To facilitate the liquidation process, Venus Protocol passed a governance proposal, designating BNB Chain as the sole liquidator for the loan. BNB Chain then funded the liquidator&#8217;s wallet with 30 million BUSD in December 2022, an additional 30 million USDT in June 2023, and another 30 million USDT on August 21, 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The liquidation mechanism of Venus Protocol involves a collateral factor or liquidation threshold. When triggered, liquidators can gradually liquidate up to 50% of the collateral, receiving an additional 10% worth of liquidated collateral as fees.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">ZkHopium&#8217;s analysis highlights several significant factors that make this case unique. Firstly, only one liquidator is not incentivized to engage in market dumping. Secondly, the liquidations are performed manually, without the involvement of bots front-running the process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lastly, given the substantial loan size, the liquidation tranches are expected to be much lower than the 50% threshold.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Addressing the allegations, CZ expressed his appreciation for the detailed research presented by ZkHopium and emphasized the \u201cinsignificance\u201d of a $30 million liquidation&#8217;s impact on Bitcoin\u2019s price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">CZ stated that Binance does not issue BTC and that most rewards are given in BNB. He highlighted that the alleged fear of a significant BTC price impact is unfounded, as $30 million represents less than 0.001% of BTC&#8217;s daily trading volume.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/a9kN6wfQ\/\" alt=\"Bitcoin\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">BNB&#8217;s uptrend on the daily chart recovered higher levels after dropping to the $204 line. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/imgb0rW1\/\" target=\"_blank\" rel=\"noopener nofollow\">BNBSUDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, BNB is trading at $217, as the chart above indicates. However, it has experienced a marginal decline of 0.2% over the past 24 hours.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">BTC Hovers Around $26,000 Amid Minor Dip<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The largest cryptocurrency in the market by market cap, Bitcoin, currently valued at $26,000, has remained relatively stagnant, experiencing a decline of 2.4% after briefly touching the $26,700 mark.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the current low levels of volatility, Keith Alan, co-founder of the research and analysis firm Material Indicators, has <\/span><a href=\"https:\/\/twitter.com\/KAProductions\/status\/79707595?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">noted <\/span><\/a><span style=\"font-weight: 400\">the following regarding the market situation:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Economic reports released this morning did not significantly impact volatility; however, they will contribute to the narrative influenced by Jerome Powell&#8217;s upcoming speech at Jackson Hole on Friday.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">As anticipation builds for Federal Reserve Chairman Jerome Powell&#8217;s comments at the Jackson Hole Symposium, the Bitcoin market is beginning to show signs of increased activity. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Keith Alan suggests that the economic reports, although not immediately affecting volatility, will shape Powell&#8217;s narrative during his speech.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/algorand-stuck-at-bearish-price-level-can-bulls-reverse-path\/\" target=\"_blank\" rel=\"noopener \">Algorand Stuck At Bearish Price Level \u2013 Can Bulls Reverse Path?<\/a><\/div>\n<p><span style=\"font-weight: 400\">This anticipation will likely lead to heightened volatility as the BTC market approaches the weekend. Traders and investors are bracing themselves for potential market fluctuations as Powell&#8217;s speech unfolds, with the expectation that his statements could significantly impact the cryptocurrency market.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/ItuFYw3v\/\" alt=\"Bitcoin\" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC back to its formed range between $26,000 and $26,200 after briefly touching the $26,700 line. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/imgb0rW1\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from iStock, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In response to mounting speculation and accusations circulating within the crypto community, Binance CEO Changpeng Zhao (CZ) has addressed allegations of a significant sell-off of Bitcoin (BTC) by Binance. These allegations have been linked to a 7% BTC price drop.\u00a0 CZ took to Twitter to respond, reposting a thread by a user named ZkHopium, who provided a detailed analysis debunking the claims and highlighting the fundamental basis of the situation. Related Reading: Shiba Inu Burn Tracker Unveils SHIB Association, What Is It About? CZ Debunks Allegations Of Bitcoin Dumping The thread by ZkHopium sheds light on the events surrounding the Binance Coin (BNB) liquidation on Venus Protocol. It explains that the exploit occurred on October 6th, 2022, on the Binance Smart Chain (BSC), creating 2 million BNB.\u00a0 Of this amount, 900,000 BNB were deposited on Venus Protocol to borrow approximately $150 million worth of USDT and USDC. In response, the BNB chain burned more than 2 million BNB, equivalent to around $550 million at the time, effectively removing these tokens from circulation. To facilitate the liquidation process, Venus Protocol passed a governance proposal, designating BNB Chain as the sole liquidator for the loan. BNB Chain then funded the liquidator&#8217;s wallet with 30 million BUSD in December 2022, an additional 30 million USDT in June 2023, and another 30 million USDT on August 21, 2023. The liquidation mechanism of Venus Protocol involves a collateral factor or liquidation threshold. When triggered, liquidators can gradually liquidate up to 50% of the collateral, receiving an additional 10% worth of liquidated collateral as fees.\u00a0 ZkHopium&#8217;s analysis highlights several significant factors that make this case unique. Firstly, only one liquidator is not incentivized to engage in market dumping. Secondly, the liquidations are performed manually, without the involvement of bots front-running the process.\u00a0 Lastly, given the substantial loan size, the liquidation tranches are expected to be much lower than the 50% threshold. Addressing the allegations, CZ expressed his appreciation for the detailed research presented by ZkHopium and emphasized the \u201cinsignificance\u201d of a $30 million liquidation&#8217;s impact on Bitcoin\u2019s price.\u00a0 CZ stated that Binance does not issue BTC and that most rewards are given in BNB. He highlighted that the alleged fear of a significant BTC price impact is unfounded, as $30 million represents less than 0.001% of BTC&#8217;s daily trading volume. At the time of writing, BNB is trading at $217, as the chart above indicates. However, it has experienced a marginal decline of 0.2% over the past 24 hours. BTC Hovers Around $26,000 Amid Minor Dip The largest cryptocurrency in the market by market cap, Bitcoin, currently valued at $26,000, has remained relatively stagnant, experiencing a decline of 2.4% after briefly touching the $26,700 mark.\u00a0 Despite the current low levels of volatility, Keith Alan, co-founder of the research and analysis firm Material Indicators, has noted the following regarding the market situation:\u00a0 Economic reports released this morning did not significantly impact volatility; however, they will contribute to the narrative influenced by Jerome Powell&#8217;s upcoming speech at Jackson Hole on Friday. As anticipation builds for Federal Reserve Chairman Jerome Powell&#8217;s comments at the Jackson Hole Symposium, the Bitcoin market is beginning to show signs of increased activity. Keith Alan suggests that the economic reports, although not immediately affecting volatility, will shape Powell&#8217;s narrative during his speech.\u00a0 Related Reading: Algorand Stuck At Bearish Price Level \u2013 Can Bulls Reverse Path? This anticipation will likely lead to heightened volatility as the BTC market approaches the weekend. Traders and investors are bracing themselves for potential market fluctuations as Powell&#8217;s speech unfolds, with the expectation that his statements could significantly impact the cryptocurrency market. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":548775,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86230,428,656,679,78790],"class_list":["post-548773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-ceo","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>CZ Breaks Silence, Refutes Binance&#039;s Bitcoin Dumping Allegations To Safeguard BNB<\/title>\n<meta name=\"description\" content=\"In response to mounting speculation, Binance CEO CZ has addressed allegations of sell-off of Bitcoin (BTC) by Binance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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