Binance allegedly liquidating customer assets to prop up BNB. Their defense is that they “burn” some of their infinite BNB supply which is worth “so much more than their customer assets”. Anyone can burn trillions of spreadsheet coins. Just like FTT, its worthless.

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by FearlessEggplant3036

If they sell any of it at $200 the price will crash to $0, so they do monthly burns eg. if they burn: 1 billion coins x $200 = 200 Billion dollars burned, so why would a company “that doesn’t care about hundreds of billions” scam/embezzle a few billion dollars worth of customer assets.

TLDR: They are pretending to be rich because they can burn premined worthless spreadsheet tokens worth nothing. Sell 1 for $200, burn 1 trillion = $200 trillion burned. Actual cost to create 200 trillion, $0.

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CZ:

Maybe he should check the last BNB burn? or the #SAFU insurance fund size? 🤷‍♂️

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Burn of worthless token: $0

SAFU fund backed by trillions of BNB: $0

This literally is the story of FTX/FTT on repeat. Anyone with funds on Binance deserves to lose their money. We literally said the same thing about Bitconnect, Celsius, Luna/Terra, FTX/FTT and so many more scams, but greedy people cant resist the “yields” even at the expense of their entire capital. IT IS NOT WORTH IT.

https://thecryptobasic.com/2023/08/22/top-investor-asks-users-to-withdraw-from-binance-alleges-bnb-is-dying-like-busd/


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