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Larry Cermak
@lawmaster
, 5 tweets, 2 min read Read on Twitter
Some of my thoughts/insights on Binance hack

- $41M is peanuts for Binance - they can make it back in 47 days
- It was the sixth largest exchange hack in history and the total amount stolen from exchanges is now $1.35 billion
- reorg was a stupid idea that wouldn't work
- The hack barely affected the price of BTC. Price is virtually the same as before the hack. If this was two years ago, price would probably drop by 10%+. I think this is very positive
- More interestingly, the hack didn't even affect price of BNB as much. Only 6% drop
I very highly suspect that this hack has something to do with Binance not implementing Segwit yet. Binance said that the security system was bypassed by structuring the transaction in a way that it didn’t trigger any safeguards.
There were 44 outputs in the transaction— 21 of them were Bech32 addresses and 99.97% of BTC was sent to the Segwit addresses. If I were to guess, Binance didn't implement Segwit in the security safeguard system so when 99% of BTC was sent there, the system didn't catch it
Most block explorers like Blockchain don't even support viewing Bech32 addresses, which is pretty hilarious. So if you want to browse the addresses, you can check here. But none of the larger sums have moved (so far).

blockchair.com/bitcoin/transa…
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Larry Cermak
@lawmaster
Bitfinex released their IEO white paper to raise $1 billion and The Block has all the details. Summary below

theblockcrypto.com/2019/05/04/bit…
- Tokens will be called LEO and it will be a mix between a utility token and a redemption token
- Bitfinex wants to raise $1 billion and allegedly already has verbal commitments from private investors of $600 million
- White paper states that Bitfinex is “actively collaborating with the legal investigation and applying to unfreeze these funds through legal procedures.”
- LEO tokens will be bought back on a monthly basis, with at least 27% of Bifinex’s profit from last month
Read 8 tweets
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Larry Cermak
@lawmaster
I was in Hong Kong last week and one of the most dominant conversation topics were Initial Exchange Offerings (IEOs) - basically copycats of Binance Launchpad. And it's becoming a huge theme for Asian exchanges but it's still under the radar.
Nearly every exchange is talking about ways to replicate Launchpad’s success; and some have already launched their own versions:

- Bittrex IEO
- KuCoin Spotlight
- Huobi Prime
- BitMex

Others will follow.
What's important to realize is that these platforms' primary purpose isn't really fundraising. It’s about bootstrapping interest in the project. Binance only sells 6% of tokens in circulation and max raise has been a little over $7 million.
Read 9 tweets
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Larry Cermak
@lawmaster
1/ Today I wrote about Coinbase and why I think they have a very tough road ahead financially. Quick summary of a paid article below:

theblockcrypto.com/2019/03/18/coi…
2/ Overall, the volumes across the market are down down more than 80% from an all-time high in December 2017
3/ Hirji said in October that Coinbase’s revenues were “100% transactional” and that Coinbase is actively looking to diversify its revenue streams with its suite of institutional products, which are “more fee-based or AUM-based”
Read 10 tweets

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