Phil Sirois

You loved part 1.. here is part 2.. buckle up, this one is dirtier... I am not on a witch hunt.. people work hard for their money, for their family, and they walk into this market blind.. that is a fucking shame.. so here is what is actually going on... Oct 6, 2025.. $BTC hits $126,000, all time high.. everything green, leverage at record levels, $236 BILLION of open interest.. the casino was full... Oct 10.. Trump posts 100% tariffs on China.. and in 40 minutes, $6.93 BILLION gets liquidated.. $3.21 BILLION in 1 minute.. by the end of the day, $19.13 BILLION gone, 1,618,240 traders wiped out.. the biggest liquidation day in crypto history, 2X the old record... Now here is the part the headlines skip.. a tariff does not make a dollar coin trade at 65 cents on 1 exchange and 1 dollar everywhere else... That same night, on Binance and NOWHERE else.. $USDe traded at $0.65.. $wBETH, worth about $3,400, printed $430.. $BNSOL, worth $237, printed $35.. $ATOM traded at $0.001.. 127 coins on Binance fell 75% or more, 22 fell 90% or more.. the same coins were fine everywhere else... Now let me explain the part nobody explains.. the oracle.. on a normal market, the price of your collateral comes from the outside world, many venues, independent feeds.. on an unregulated exchange, THE EXCHANGE IS THE FUCKING ORACLE.. it decides what your coins are worth, using its own order book.. Binance priced $BNSOL 30% off its own $USDT pair, $wBETH 20%.. when the book went empty, your $1 stablecoin was worth $0.65 on Binance and $1 everywhere else.. and the same exchange's liquidation engine acted on that number.. your assets were fine, the price was fake, the liquidation was real... And on Oct 28, 2026, Binance said the quiet part out loud.. for the BULLA contract, Binance declared itself the ONLY component in the price index.. their own words, "Binance Futures will be the only component in the price index".. when the outside price gets inconvenient, the exchange just becomes the oracle.. and Aave, the same night, hard pegged $USDe to $1 and had ZERO liquidations.. the fix exists, the casino just does not use it... And here is the part that should make you angry.. Binance announced the fix on Oct 6.. the fix did not take effect until Oct 14.. 4 DAYS after the crash.. they knew the pricing was broken, they scheduled the repair for later, and the crash happened in between.. Binance paid $328 MILLION back, goodwill they call it, no admission of fault.. $328 MILLION of goodwill, zero fucking accountability... And while traders were trying to save their positions, Binance transfers slowed down for 33 minutes.. exactly when people needed to add collateral.. a performance regression that only ever seems to happen when YOUR money is on the line... And 1 more thing.. on Oct 9, 1 account funded $80 MILLION on Hyperliquid and built a $400 MILLION $BTC short.. it finished building 1 MINUTE before the cascade started.. timing is verified, insider knowledge is NOT proven, I am not claiming it is.. but 1 minute.. what a fucking coincidence... Now the dirt.. and this is all on the record... Oct 2020.. Forbes gets a leaked Binance document, the Tai Chi plan.. set up a US company as a decoy, distract the regulators, teach Americans to use VPNs to get around the ban.. Binance calls it FUD, sues Forbes, then quietly DROPS the lawsuit.. and 3 years later the DOJ proves the US evasion part anyway... June 2022.. Reuters finds $2.35 BILLION in hacks, fraud and drug money flowed through Binance.. $780 MILLION from Hydra, the Russian darknet drug market, alone.. Binance calls the math wrong, offers no math of its own... May 2023.. Reuters finds Binance mixed customer money with company revenue, almost daily, billions of dollars.. 1 record, Feb 10, 2021, $20 MILLION corporate mixed with $15 MILLION of customer money.. Binance says it was all corporate funds.. the SEC said the same thing in its lawsuit.. the case got dismissed, the question never got answered... May 2024.. Binance's OWN surveillance team finds a VIP client, DWF Labs, wash trading $300 MILLION of tokens.. the team says kick them off.. Binance fires the HEAD OF SURVEILLANCE a week later.. DWF was doing $4 BILLION a month on Binance.. you do the math on who they protect... Feb 2024.. 2 Binance executives fly to Nigeria for a meeting.. they get ARRESTED at the airport.. 1 escapes through a mosque during Ramadan prayers, the other spends 8 MONTHS in a Nigerian prison, malaria, pneumonia, a herniated disc.. Binance was operating unlicensed in the country.. your compliance chief, in prison, because your company does not do licenses... Mar 2025.. Binance's OWN announcement.. 1 of their Wallet team guys front runs a token launch with insider info, buys $6,227 of tokens, sells for $113,600.. and it happens AGAIN in Dec 2025, another employee, another token, $55,600.. the house does not just run the casino, the dealers play the fucking tables too... June 2021.. the UK regulator bans Binance from doing ANY regulated business in Britain.. their words, Binance is "not capable of being effectively supervised".. 5 years later the ban is still in force... And the insurance fund.. SAFU, the billion dollar safety net.. after the Oct 29 drain it is down to about $580 MILLION, half gone.. Binance promises to refill it, no deadline.. and the fine print says the refill rule only triggers if the PRICE drops, not if they SPEND it.. the safety net has a hole in it... And it is not just Binance.. the whole unregulated casino works the same way... Feb 2025.. Bybit loses $1.46 BILLION in 2 and a half minutes.. not a broken contract, a poisoned SCREEN.. the signers approved what looked like a normal transfer, the hidden code handed the wallet to North Korea.. Bybit ate the loss and no customer lost a cent, but only because they had the balance sheet.. most exchanges would not... Feb 2025.. OKX pleads GUILTY, $505 MILLION.. they took over $1 TRILLION from US customers they were not allowed to serve, employees coached them to fake their nationality, and they ran NO anti money laundering software until 2023... BitMEX.. the original no KYC casino.. $200 MILLION in fines, founders pleaded guilty, pardoned in 2025.. and when they shut down in 2026, their insurance fund still held $270 MILLION from liquidations.. and nobody has said where it goes... Jan 2025.. KuCoin pleads GUILTY, $297 MILLION.. until 2023 they asked for NO ID at all, never filed a SINGLE suspicious activity report, 1.5 MILLION American users.. the DOJ says over $5 BILLION in suspicious money flowed through... 2019.. Quadriga.. the CEO dies in India at 30, and he was the ONLY person with the cold wallet passwords.. the wallets were empty, the regulator calls it a fraud and a Ponzi scheme, 76,000 customers lost at least $169 MILLION.. and the keys went to the grave... 2014.. Mt. Gox, 70% of all $BTC trading on Earth.. 850,000 $BTC gone, $473 MILLION.. creditors waited 10 YEARS to get paid back.. 10 fucking years... 2016.. Bitfinex loses 119,756 $BTC to a hack, then cuts EVERY customer's balance by 36% to pay for it.. and in 2019 they get caught covering an $850 MILLION hole with Tether's reserves.. $18.5 MILLION fine, no admission... And then there is FTX.. Nov 2, 2022, CoinDesk shows Alameda's balance sheet is $5.8 BILLION of FTT, a coin FTX invented.. Nov 6, CZ tweets he is selling all his FTT.. $6 BILLION runs out of FTX in 72 hours.. the hole was $8 BILLION.. bankrupt Nov 11, SBF gets 25 years.. the fraud was FTX's, the trigger was public and Binance's, and the benefit was Binance's.. 42% to 92% of $BTC spot volume.. funny how that works... The CLARITY Act would have made the house trading illegal, forced the customer money to be segregated, forced the surveillance.. House passed it 294 to 134.. Senate killed it 49 to 50.. and even if it lived, it would never have touched Binance, because Binance is offshore.. the law stops at the border, the casino does not... So here is the part that matters.. an exchange is called an EXCHANGE.. it is made to trade, that is it.. you do your trade and you get the fuck out.. you hold your coins in self custody, cold wallet, your keys, your coins.. and if you do not trust yourself with a cold wallet, that is literally what the ETFs are for.. $1.26 MILLION $BTC sitting in US ETFs right now, in brokerage accounts, not on an exchange.. there is NO reason to leave your money on an exchange.. ask the Celsius customers, a judge ruled their $4.2 BILLION belonged to the company, not to them... In a perfect world we would not need exchanges for crypto at all.. there is no need... Crypto is not the problem.. the unregulated exchanges are the problem.. $BTC never hacked anyone, never front ran anyone, never mixed your money with theirs.. the code works, the casino does not... And do not let the bad players give crypto a bad name.. the community, the teams, they are building this technology every day, and at the end of the day it is just CODE.. nothing more, nothing violent, not malicious.. code that anyone can read, anyone can check, anyone can use... $BTC is the best asset ever created.. no issuer, no CEO fucking around, no office, no one to call, no one to bribe.. available for everybody, on Earth, at the same time.. no control, and you cannot really ban it.. the biggest network in the world, running on math... So the moral of all this is simple.. the more you study, the more you understand.. nobody said it was easy to invest in crypto.. in the past 5 years, people threw the towel, lost money, lost faith in the asset.. I get it... Remember one thing at the end.. price drives narratives.. when the price is up, everybody is a genius, when the price is down, everybody says it is dead.. the wind is bidirectional.. stay safe and keep it up... Do your own research.. go check every number in this post for yourself.. you cannot unsee it!