CZ explains binance's half billion dollar hack Bitcoin Falls after the release of the job report and is Citigroup getting into crypto stick around to the end of the video to find out my name is Frankie candles and this is your nightly crypto news wrap up let's get it also join the movement to support crypto adoption by Smashing the like button subscribing to the channel turning on notifications and sharing this video with a friend what has to be done as an industry we just gotta learn how to learn from this kind of mistakes and make our code more secure but software code is never bug free but in the blockchain world whenever there's a bug you could be resulting very large losses and this is one of the cases that happened but we were able to minimize quite a lot of the damage to less than 100 million now there's a lot going on in crypto at the moment but the story of the day has got to be the binance exploit that went down late last night to be clear the reason the price of BNB wasn't affected much by this hack is because the hack wasn't against the binance chain it was against their cross Chain Bridge the BSC token Hub which is used to swap one crypto for another when binance first learned about the exploit they immediately put out tweets assuring that the issue was contained they paused activity on BSC holder's funds are safe and that they would keep the community updated the question is how did this happen so the how used an exploit in the code that forged security proofs into creating extra BMB tokens at a thin air and they tricked the BSC token Hub into sending them 2 million of those BMB tokens which is worth about 566 million dollars when the hacker tried to watch the money the validators halted the chain leaving around 429 million on the BMB chain itself using Venus a lending protocol on the BMB chain the hacker used the stolen BNB as collateral to borrow about 150 million dollars in stable coins 7 million of that froze for it could get transferred 6.5 million of that 7 million was frozen by tether anyway once they got the stable coins the money was spread around several other networks with 53 million of it sitting in this ethereum wallet overall the Cyber Criminal made out with an estimated 110 million dollars but it's still sitting in the networks it was sent to as for the BMB was Frozen when the BSC was halted there will be a governance vote on if they should burn it or not BSC is now up and running again and the block reports that they are holding a governance vote for creating a bounty for catching hackers where 10 of the recovered funds will be given as a reward there will be a bug Bounty program that will pay up to a million dollars for each bug found on the BMB Network I wonder how many hackers will reverse engineer hacks and get paid to discover themselves let's pass it over to Frankie candles for a market watch thanks Frank nice hat all right guys let's jump in and do a little market watch here we've got Bitcoin coming in at 19 568 down about two percent on the day we've got ethereum coming in at 13.33 down about 1.7 on the day now I do want to bring you guys over to the Bitcoin chart as we have taken a little bit of a tumble off of the job report that we got this morning and we are currently below our key level of support that we were talking about yesterday and that is the point of control coming in at 19 7771.
this is the level that I am watching closely because as we remain under this level it is showing that bears are in control and that it could be possible that if we lose some of these other levels below us and it could be possible if we are not able to hold this local golden pocket that we will work our way back down towards the range lows at about 18 825 and that is our value area low as of right now we are looking to print a Green Dot on the four hour chart and we do have money flow on these lower time frames starting to move back to the upside so a short-term bounce could be possible however with the daily Red Dot and the money flow crossover on the four hour and as long as we remain underneath this point of control bears are in control and we could expect lower prices if you guys want to follow me it's Frankie candles on YouTube or Frankie underscore candles on all socials back to the new thanks candles it's funny how sometimes you can look at a chart and see the exact moment bad news came out today the bad news was the jobs report which comes out on the first Friday of every month as you can see in the charts the news calls Bitcoin to plummet as a direct result of the dxy pumping the job report itself showed that employment increased by 263 000 jobs for the month of September which is the lowest monthly job report since December hence the negative price action staying on top of these releases is very important as a Trader and I have them all attached to alarms in my calendar so I'm prepared for the expected volatility hours before it happens this includes fed meetings job reports CPI data things like that trading this news can be a little bit sketchy sometimes but as long as you run a tight stop loss and have a good idea of what direction the news will take you you should be pretty good here's another Pro tip next Thursday CPI data for September will be released at 8 30 am so go ahead and set those alarms banking Goliath Citigroup has been on the sidelines of crypto for quite some time as their institutional competition like JP Morgan Goldman Sachs and Fidelity have all been getting into the crypto game in one way or another Citigroup not wanting to get left behind finally join the party they're not to the level of offering crypto to their clients or anything like that but they did help out in a seed funding round for a Hong Kong based digital asset firm The Firm known as X alts who wants to launch mutual funds and ETFs connected to digital assets received six million dollars from the funding round another backer of the funding round was Sandeep nail wall who is also a co-founder for polygon citigroup's involvement isn't anything groundbreaking but to see them at least dip their toes in the water means a lot love it or hate it crypto is over saturated to the point where retail just can't move the charts like the good old days so the more institutional money that gets involved is proportional to how ridiculously bullish the next Bull Run can be that's all I got be blessed Frankie candles [Music] thank you [Music]
