Topic: Exchanges being attacked in the verge of BTC ETF (Read 228 times)

He is definitely being targeted, however the exact reasons for this is not something we will ever known, after all the theory that this is about his role on the demise of the FTX exchange makes sense, because as you mention SBF went out of his way to try to get powerful allies at the highest levels of the US government, however this could also be about the ETF that we believe may be released soon, and finally this could also be about the interest governments have about releasing their CBDCs and they want to destroy any competition they may have.

If I may give my own opinion in response to your points , I'd say;

1. Most of the exchanges, have allowed some of the things befall them, because I believe they're not new to the game and should have found a way to get fully accredited for operations which they didn't do for reasons best known to them, and we have seen some exchanges do this.

2. Users can always find alternatives from other operating CEXs.

3. Both go hand in hand and the effect of one could either intensify the other or reduce its impact. The most important thing would be that, exchanges should brace up and prepare themselves well for every circumstance.

The only issue is the lack of investment in security of some DEX, I still think that a strong Ethical Hacking Department is mandatory not for DEX but for all crypto

I have a feeling the attack on Binance is from the US Government, especially the role CZ played in the collapse of FTX last year, SBF was one of the major donor to the Democrat and for you to think CZ do not step on the wrong foot is understatement, the attack has been coming for years now, and I believe CZ did the right thing by stepping down and putting his exchange first, if it is true that CZ owns 80% of Binance then he is set for life not to talk of the investment they made in other crypto related businesses, he is by far one of the richest ugy in the world

I really do not think that this has anything to do with that, yes Blackrock is rich enough to make this work and they can definitely pay the right people to make this happen, but I also believe that they do not really care about it neither. Remember, we are talking about a company that deals with rich people, they are not going to take 100 bucks from someone who lives in a far away nation, so exchanges still have their part, and the only people these ETF people really want to get is the ones that invest millions and millions into it, maybe even over a billion dollars.

This is why they do not really need to do this, I understand they may do this if they want to, but they do not have to do this and that's important. I believe that it is going to be quite important to make it work, otherwise if we keep focusing too much on what went wrong and who did that and what we should be looking for etc etc, we will miss what's happening right in front of our eyes.

That why like others have suggested, we should get back to the old traditional way of trading cryptocurrencies and that is using decentralized exchanges instead of centralized ones. Just because we have more convenience in centralized exchanges, people already forget that this is not the right way of trading bitcoins or any other altcoins. Now the SEC is going to terrorize every centralized exchange because of their involvement in illegal activities, especially money laundering. They are attacking this side of the exchanges and making it more of their total control and so the idea of total financial freedom for us is jeopardized by this attack nowadays.

Thanks all for supporting this Thread, BTC didn't suffer that much, Hopefully, this is going to last. In my case, I am accumulating the king and other Altcoins from Arbitrum like $VRTX. THanks to all again we are getting closer to the most anticipated Halving

Yeah, things have been a bit funny... Poloniex "hack", Binance issue...

It is obvious manipulation to drag the price of certain cryptocurrencies down. And of course, once the price goes down again, all of a sudden we see the same whales gobbling up discounted Bitcoin.

I really do wonder sometimes about all the different ways that big players try to manipulate the smaller investors for the sake of more profit.

Everyone has their tricks...

It's sad, but that's the reality. In point 2 above, in my opinion, this is where it is necessary to choose a strong exchange and have a license in this case from the government. So if there is an issue, there will be many media who will confirm the follow-up and what about customer funds will be safe and the commitment from the exchange we choose.

Attacking some exchange because it's guilty of money laundering is different from just attacking an exchange without any proof.
I mean it was found guilty so how making someone paying for their crimes some kind of manipulation?

Obviously they have to drain the swamp before whole scene is ready for BTC ETF. That just means they are taking this field seriously enough and want to make it ready for it.

Bittrex shut down their operations in most countries in 2019. It was already in life support as it was. This was just pulling the plug as they eventually needed to do that anyway.

These have been long time coming. They weren't sudden. I thought that the attack against binance was personal, but deeper study made me realize that every exchange were going trough same things. Just like with crypto debit cards. They weren't eu compatable in the first place. Bitcoin rises now because people see centralized exchanges in danger and actually decentralized cryptos are something that are supposed to be resilient against this. But ironically people are waiting for bitcoin etf which i see a danger to bitcoin's original idea.

I am not sure what you mean by black swan event here. How would it present itself?

What cryptocurrency exchanges are there that you know are regulatory compliant? How certain can we be that the SEC won't go after them?

1. I think not, but the US just enforcing rules on crypto, it's not the first time but I guess it's not a direct FUD, it's more about control.

2. There are lot of good exchanges these days and having DEXs as well will compete for that. Fear not DEXs are getting lot of improvement and they are getting great everyday.

3. We may never know about that but I will be always bullish when it comes to crypto, no ETF or not.

Your perspective on governments potentially aiming to steer users away from decentralized cryptocurrencies towards platforms they can regulate is thoughtful. It's obvious with the increasing regulatory scrutiny they're bringing, but from exchanges that have been compliant so far, they still try to give this decentralised vibe in how they have merged DEX features into the platform, like web3 swaps and the likes.

Hey there are two things we need to consider, obviously there will be fuds everytime even during the peak of bullrun but I suspect there are bigger plan of either inflicting fear in the mind of people as sudden purge cannot be coincidence. Regardless this shouldn't have any impact on Bitcoin or Crypto in general except exchange tokens, it's just a matter of time and few negotiations because out of court settlement is what SEC is currently expecting to fill it's coffer.

This shouldn't be impacting price and also the fear will be vanished as the time goes on. But, we need to learn why suddenly they are going behind exchanges? is it because they miserably failed in creating fear which they tried with ads from banks and ATM asking us not to deal with crypto at certain point.

Firstly, I totally agree with your analysis, it is a clear explanation and embodiment of the recent happenings in the CryptoSpace. A deeper analysis is needed indeed to decipher the current happenings.
Secondly, the prerequisites you've mentioned for choosing a new crypto exchange are the ideal things to consider. Being in the CryptoSpace which is still a growing sphere, the issue of security and regulation should be taken seriously. Due to non compliance to regulations, exchanges have been shutdown hence the Bittrex issue and a host others.
Choosing exchanges now should be a meticulous procedure, since the platform announced closure, I've taken time to thoroughly look at other worthy platforms. With respect to security and regulatory compliance, Platforms like Bitget fit the bill.
In a nutshell, I feel the crypto Space will remain in existence no matter, considering how users are inclined to it, I'm optimistic we'll overcome all these.

news being released at certain time definitely for reason moreover with the fact that we are nearing change of trend that is bullrun so expect some fuds to come even more but always believe that the price
will eventually rise regardless because we all know that holders are the one that wins, even big investor like grayscale is holding you know what i mean, market gonna go up whatever the scenario will be.

As usual with everything in life the US wants as much control as they can attain. I think as the biggest exchange in the world, Binance was a threat to their entry into Bitcoin so they took down CS & are trying to implement as much control as possible by starting law cases against the other exchanges. This is all before they finally allow Spot ETF’s. We should be careful what we wish for.

Yeah, All these happen whenever we are approaching a bear or bull market. And it's been happening like this in every Bitcoin market circle.
Also, your decision to jump from one exchange to other is okay. So far the one you're jumping to is safe. Although, I prefer exchanges with proof of reserve cos I know that's enough for me to be on a safe side.
You are also right about the Bitcoin ETF approval.

1. Natural Market Forces or Deliberate Manipulation:

The recent events in the cryptocurrency exchange landscape may be a combination of both natural market forces and potential deliberate manipulation. CZ stepping down could be a strategic move or a response to internal and external pressures. Bittrex's suspension might be a reaction to regulatory challenges or business considerations. Kraken's lawsuit could be an isolated legal matter or indicative of broader industry vulnerabilities. Determining the exact cause would likely require a deeper analysis of each situation.

2. Bittrex Shutdown and Choosing a New Exchange:
The closure of Bittrex has left users in a challenging position. The choice of a new exchange will depend on individual preferences, security features, available trading pairs, and regulatory compliance. Users should conduct thorough research and consider factors such as reputation, liquidity, and user interface before making a decision. It's essential to choose an exchange that aligns with personal trading goals and risk tolerance.

3. Potential for a "Black Swan" Event:

The recent developments in cryptocurrency exchanges do pose a level of uncertainty in the market. While the events themselves may not be classified as a "Black Swan" event, the cumulative impact of multiple exchanges facing challenges simultaneously could lead to unforeseen consequences. The approval of a Bitcoin ETF could indeed shift the focus, bringing optimism and stability to the market. Binance was the last biggest party which could trigger black swan event. After all this what happened recently i think no major news could brake current market.

My conclusion, the cryptocurrency market is dynamic and influenced by various factors. The recent exchange-related developments raise questions about the industry's resilience and the need for regulatory clarity. Crypto dudes should stay informed, diversify their holdings, and adapt their strategies based on the evolving landscape.

The idea is to control cryptocurrency by controlling the investment through ETFs. For that they would need to slowly destroy the exchanges which after complying to the government boards are still getting charged hefty fines. After sometime these exchanges would halt operations and then the government would use big financial giants to control the cryptocurrency.

What you have said is also correct. I only elaborated it in detail or tried doing it.