not the same incident but the same type of dunk attempts happened a few years ago when nance only had assets in the 50s/60s
Binance only has 3.81%(21 out of 552) assets enabled for withdrawal and they've had 5.91 BILLION dollars of net outflows in the last 24 hours.
It's extremely over for them.
Guaranteed they are freaking TF out at Binance HQ.
Expect them to pull some bullshit over the next couple days.
Notice how they delayed their proof-of-reserves from Nov 2nd to Nov 3rd.
If they delay again, some fuckery is definitely afoot.
nothing will happen to china’s mvp
and they’ll keep their vol lmao
Your funds are, in fact, NOT SAFU.
If they were, withdrawals would already be open.
Binance's proof of reserves is NOT proof of solvency.
Customer deposits aren't corporate assets.
Based on the $6.3B in losses, even assuming $3B in frozen assets is fully recovered and the entire $1B SAFU fund is used, that still leaves a $2.3 BILLION shortfall.
If the frozen funds aren't recovered, it's $5.3B.
Where's the independently audited balance sheet demonstrating Binance actually has the money to cover these losses? There is none.
How much unrestricted capital do they have?
What are their liabilities?
Nobody knows.
And the fact that withdrawals still aren't open is the most telling part of all of this.
"the future will never be llm-centric"
$ANT - ANTHROPIC FACES JUNK CREDIT RATING RISK DESPITE PLANNED MEGA-IPO
Blackstone has warned investors that Anthropic may receive a below-investment-grade credit rating following its IPO, reversing earlier expectations, according to the Financial Times.
The AI company is reportedly expected to receive a BB-range rating, potentially raising borrowing costs and limiting access to institutional capital.
Anthropic plans to spend over $800 billion on computing infrastructure through 2045, while its $63 billion Project North Star financing relies heavily on guarantees from investment-grade-rated Broadcom.
The company reportedly holds over $112 billion in cash and could raise another $100 billion through its IPO.
Source: Financial Times
the laptop owner being cz
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has:
- temporarily suspended deposits and withdrawals while security checks are completed;
- revoked the affected address authorisation;
- engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.
binance.com/en/support/annou…
the fabled out of distribution retardation
I find AI to be extremely knowledgeable, and so exceptionally able to detect references to almost anything, but not very wise, and so it only makes the most surface-level judgements about what point some writing is making.
This is particularly true when it's analyzing writing that it just read for the first time, as opposed to analyzing writing that's already in its training data (along with lots of analysis of that writing by other people)
AI's knowledgeableness is easier to see than its limited wisdom; it's perhaps even the very definition of wisdom that it cannot be easily verified (as opposed to intelligence).
63Hz retweeted
Good reminder that ~all of generative AI is in some sense adversarially optimized for you to think it is better than it is (via pre-training, via RLHF, via hill-climbing benchmarks). or as nostalgebraist puts it:
this type of post makes me very bearish on humanity. I'm starting to discover a non negligible part of humanity appreciates slop? LLMs are incredibly good at some things, but talking about my essays right now is still at the level of slop.
This isn't a statement on future capabilities. It's just that I find it sad that current ones are taken to be at harold bloom level.
