Recap of what is happening with binance.

It looks like binance is selling other cryptos to keep bnb price up. There is no confirmation about that but there are some reasons this could be true.

A wallet borrowed 150 million from Venus Protocol and was liquidated for 30 million as bnb prices fell to $209. The borrower is likely connected to the bnb chain exploiter who stole over $100 million in bnb tokens last year. Over 6.89 million bnb tokens worth 30 million were likely manually liquidated by the bnb chain developer team.

The loan has recently been close to being liquidated because of bnb price falling. This could be very bad for the decentralized ecosystem built on bnb chain. Now venus and bnb chain are working together to prevent any further damage to the current situation.

“As the market is very volatile, there is a potential risk that if liquidated, this large portion of BNB may cause more cascading liquidations effect and unnecessary damage to the market," Venus said in november 2022.

Hate on binance if you want but if binance falls like ftx or luna, it will cause a very huge impact on crypto market which might take years to recover.