Over these past days, FreeBitco.in has transferred billions of tokens to Binance. Their main holding wallet now only holds 21 million tokens and their hot wallet where they process withdrawals from has a little under 1 million. They typically refill their hot wallet once a week with 5 million tokens, so at this current pace their reserves could be depleted within a month if there is no new inflow of FUN into their wallets.
https://www.talkimg.com/images/2025/02/28/qi1DT.pngOh really? Exiting to binance for a quick sell and run? Hahaha, i'm just kidding, but that's usually the MO before the site gets shut down.
Hopefully, i'm in the wrong, and they're just using the market fluctuation to get richer
Welcome to the real world. My take:
If, like it was said in this thread a while ago, someone from Freebitco has converted a huge amount of BTC to ETH that would be deposited in Bybit, it can be guessed that this amount was eventually lost to recent attakers of the latter.
Bybit hack did not affect users of the crypto exchange, so even if the freebitco team has converted bitcoin to eth and moved it to bybit before the bybit hack happened, and the eth got drained in the process of the hack, bybit would have returned or replaced all the eth on the account if it was affected which I highly doubt anyway, since the hacker was said to have moved all the eth in a cold wallet storage, the eth hot wallet of the exchange was not affected, and it's possible that freebitco's eth is in the hot wallet and not in the exchange's cold wallet.
And speaking of the freebitco team moving alot of fun tokens to Binance to possibly sell, well, maybe also they are selling it to hold more bitcoin to be able to process btc withdrawals on the site, since almost every user all request withdrawals in BTC and not in fun token.
