SNEAK PEEK

• BNB token and Bitcoin dropped in value owing to an encrypted tweet that turned out to be just a wild guess. 
• The tweet belonged to a private account and wasn’t for the public. 
• The message was a combination of letters and numbers who someone hacked to spread the word. 

April 3 witnessed a fall in Binance’s BNB token and Bitcoin, thanks to a rumor about crypto exchange’s CEO going through an international law enforcement plea to detain him. 

An encrypted message acted as a catalyst for the entire situation included in a tweet but not meant for the public and was perhaps a wild guess. 

The tweet from @cobie read “Interpol Red Notice for CZ.” Besides the account being private, the text of the message was a mix up of letters and numbers. It was encrypted upon using the SHA-256 hash function, the cryptography that protects multiple cryptos with Bitcoin being one of them. 

Someone identified the way to figure the post and that’s how the word spread. As Binance and its CEO, Changpeng “CZ” Zhao are sued by U.S. regulators on the grounds of wilful evasion of U.S. laws, the thought of CZ facing a criminal probe appeared to many. Binance’s exchange token and Bicoin fell drastically. 

AHHHHH IM HEARING THINGS

brb withdrawing a decent chunk just in case. pic.twitter.com/2weMwBMP7C

— hyuk (@hyuktrades) April 3, 2023

Binance Chief Strategy OfficerPatrick Hillmann tweeted about the rumor and said that one thing amongst the two is true. A law enforcement agent is unlawfully exposing aspects of a case file.

@cobie shared that the encrypted tweet was posted after hearing a rumor. @cobie was making a record of something that could be possibly disclosed later they knew in advance.

He mentioned that the point of a cash commitment scheme isn’t supposed to be read by someone until after the secret is disclosed. He added that it seems someone with whom he discussed the rumor is the person behind the leakage and creating a stir. 

Additionally, he said that it wasn’t supposed to be readable unless he disclosed it and hence, he apologized for it. @cobie also shared about narrowing down the list of people who he can trust now onwards. Tweeting results in bad things rather than good things taking place and he will do it quite less in the future. 

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• Source: https://investorbites.com/crypto-twitters-cobies-wild-guess-plunges-bnb-and-bitcoin/