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Protos Profile picture
@Protos
Oct 13 • 5 tweets • 1 min read • Read on X
⏱️ BAD TIMING

Users are seeing $0 balances in Binance Wallet after a catastrophic weekend that wiped $400B from the crypto market.

The exchange insists it's just a "display glitch" from network congestion, but the timing couldn't be worse for user confidence… 🧵
The wallet malfunction comes after Binance was overwhelmed by a "substantial influx of users" during the market crash.

While the exchange claims no actual funds are affected and engineers are working on fixes, users can't see their balances or account information.
Binance's weekend was a disaster beyond the wallet glitch. Three Binance Earn assets depegged during the chaos, forcing the exchange to pay out $283 million in compensation to affected users.

The platform's infrastructure buckled under the pressure of mass liquidations.
The exchange also saw altcoins like $ATOM and $IOTX briefly crash to $0, far more dramatically than on other platforms.

This suggests either auto-liquidation issues or market makers pulling liquidity when Binance needed it most, leaving users with no buying support.
With Bitcoin down and billions wiped from the global crypto market cap, Binance faced its biggest stress test in years.

From depegged assets to vanishing wallet balances, the world's largest exchange showed cracks when users needed stability most ⤵️

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More from @Protos

Protos Profile picture
Sep 26
Bloomberg revealed that Justin Sun controls approximately 63% of all $TRX tokens - more than everyone else combined.

Sun shared his crypto wallet addresses with @Bloomberg to be included on their Billionaires Index, allegedly exposing his control of 60 billion TRX tokens... 🧵
Sun filed a lawsuit against Bloomberg to stop the report, alleging they intended to disclose “his highly confidential, sensitive, private, and proprietary financial information.”

The same profile also revealed that Sun had purchased @HTX_Global exchange in 2022.
Sun has drawn closer to the Trump family, becoming the largest investor in World Liberty Financial and a major investor in the $TRUMP memecoin.

World Liberty named him an advisor and invested in Sun-related tokens including $TRX and Sun-advised $WBTC.
Read 5 tweets
Protos Profile picture
Sep 1
🇵🇸 GAZA RESIDENTS CRYPTO OFFER?

Postwar plans being drawn up by Trump's administration will reportedly see the US offer Palestinians digital tokens in exchange for "voluntarily" leaving their land in Gaza.

The so-called "GREAT Trust Proposal" would see land redeveloped... 🧵 Screenshot taken from the GREAT Trust PDF outlining its plans with messy AI visuals.
Redevelopment plans include 6 to 8 "AI-powered, smart cities," an "Elon Musk Smart Manufacturing Zone," and "Trump Riviera."

Those who agree to trade their land for tokens will be allowed to return to Gaza 10 years later, once redevelopment is done.
The trust estimates it would save $23K per person that would otherwise be spent on temporary housing for those choosing to stay in Gaza.

It's also willing to "permanently relocate" Gazan families & will offer them 4 years of subsidized rent and "packages" worth ~ $55K each.
Read 5 tweets
Protos Profile picture
Aug 19
Some of @Strategy's top supporters are turning on Michael Saylor.

@JoshMandell6, bitcoin bull-turned-influencer sold his $MSTR and called @saylor a "liar" after he abandoned his dilution promise.

The revolt is spreading across social media with thousands of angry posts... 🧵
Mandell gained fame by correctly predicting $BTC would hit $84,000 on March 14, 2025, then became a vocal $MSTR supporter.

Now he's done: "I am announcing that I will not speak in support of anything that man does again. He said they wouldn't... and then he did."
Other loyalists are joining the exodus.

X Spaces influencer @DarkSide2030_ said "It pains me to agree with you!" while @ParrotCapital amplified accusations of Saylor's dishonesty.

A search for "saylor" and "lie" returns dozens of posts from the past 24 hours alone
Read 5 tweets
Protos Profile picture
Aug 13
The crypto treasury bubble has burst, and now analysts are digging through SEC filings to find eye-popping fees that investors ignored when bidding stocks up to 23x mNAV.

These companies will be quietly paying advisors and asset managers lavish packages for up to 20 years… 🧵
The largest Solana treasury company, Upexi, owes a 1.75% annual fee on its holdings for 20 years.

It traded at 10.4x mNAV in April but has collapsed to less than 1x its $381 million $SOL holdings.

Annual fees of up to 2% plus equity compensation can exceed 5% of the company.
Upexi invented its own “fully-loaded mNAV” definition to boost its basic 0.94x mNAV to a better-sounding 1.8x.

⚠️ Even that redefined multiplier is still 80% below its April 21 high.

When your math doesn’t work, just change the math apparently.
Read 6 tweets
Protos Profile picture
Aug 4
✅ TRUST NOTHING, VERIFY EVERYTHING

AI is weaponizing crypto scams. From deepfake calls to AI-generated wallet drainers downloaded 1,500+ times, scammers are using the same tools we celebrate to rob us blind.

This is getting scary... 🧵
Real case: DeFi dev's friend lost $2M to a deepfake audio call impersonating a blockchain founder.

The fake "Paul Faecks" pitched an advisor role, then got the victim to open a file that stole passwords and private keys.

Trust nobody.
Scammers use AI to write wallet drainers disguised as legitimate NPM packages.

⚠️ One supposed patch-manager included an "ENHANCED STEALTH WALLET DRAINER" (subtle!), and was downloaded 1,500+ times before being caught.

Even developers aren't safe.
Read 5 tweets
Protos Profile picture
Jul 29
A Bank of International Settlements study warns that a bank run on a major stablecoin issuer could cause "potential fire sales" in short-dated US Treasuries.

Stablecoin issuers' pricing impact on the world's largest bond market is "already measurable" and growing... 🧵
The $268 billion stablecoin market is tiny compared to $29 trillion in outstanding US Treasuries, but researchers found asymmetric effects: outflows from stablecoins raise three-month Treasury yields "two to three times as much as inflows lower them."
Under normal conditions, stablecoins impact Treasury pricing by just 2-2.5 basis points (less than 0.03%).

But researchers warn this could rise "non-linearly" - meaning parabolically - during a bank run scenario on giants like Tether or Circle.
Read 5 tweets

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