in order toResponseCZResponseBTC BTC 7% CZ Exposes Bitcoin Dumping AllegationsZkHopium's post reveals the events surrounding the liquidation of Coin On Coin (BNB) on the Venus Agreement. It explained that the vulnerability occurred on October 6, 2022, on the Coin Security Smart Chain (BSC), creating 2 million BNBs
in order toResponseCZResponseBTC BTC 7%
CZ Exposes Bitcoin Dumping Allegations
ZkHopium's post reveals the events surrounding the liquidation of Coin On Coin (BNB) on the Venus Agreement. It explained that the vulnerability occurred on October 6, 2022, on the Coin Security Smart Chain (BSC), creating 2 million BNBs.
900,000 BNB Venus Protocol 1.5 USDT USDCResponseBNB 200 BNB 5.5
in order toVenus Protocol BNB Chain BNB Chain2022123000BUSD202363000USDT20238213000USDT
The liquidation mechanism of VenusProtocol involves mortgage factors or liquidation thresholds. After triggering, the liquidator can gradually clear up to 50% of the collateral and charge an additional 10% of the value of the clearing collateral as a fee.
ZkHopium's analysis highlights several important factors that make this case unique. Firstly, only one liquidator was not incentivized to engage in market dumping. Secondly, liquidation is performed manually, and there are no robots running the process in advance.
Finally, given the large scale of the loan, the liquidation portion is expected to be far below the 50% threshold.
When discussing these allegations, CZ expressed appreciation for the detailed research provided by ZkHopium and emphasized that the impact of a $30 million settlement on the price of the Bitcoin was "negligible".
CZ stated that Coin An does not issue BTCs, and most rewards are given in the form of BNB. He emphasized that the concern about the significant impact on BTC prices is unfounded, as $30 million accounts for less than 0.001% of BTC's daily trading volume.
As of the writing of this article, the trading price of BNB is $217, as shown in the above figure. However, there has been a slight decline of 0.2% in the past 24 hours.
BTC slightly declined, hovering around $26000
Bitcoin is the most valuable cryptocurrency on the market, currently valued at $26000, but has remained relatively stagnant, falling 2.4% after briefly hitting the $26700 mark.
Despite current low volatility, Keith Alan, co founder of the research and analysis company MaterialIndicators, pointed out the following points regarding market conditions:
The economic report released this morning did not have a significant impact on volatility; However, they will contribute to the narrative influenced by Jerome Powell's upcoming speech in Jackson Hole on Friday.
As expectations for Federal Reserve Chairman Jerome Powell's comments at the Jackson Hole seminar grew, the Bitcoin market began to show signs of increased activity.
Keith Allen stated that although the economic report will not immediately affect volatility, it will affect Powell's narrative in his speech.
As the weekend approaches, this expectation may lead to increased volatility in the Bitcoin market. As Powell's speech unfolds, traders and investors are preparing for potential market volatility, and it is expected that his remarks may have a significant impact on the cryptocurrency market.
After briefly hitting the $26700 line, BTC returned to the formation range between $26000 and $26200.
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