Real Hammer Binance Manipulates Governance Voting: Warning, This will be a more dangerous on chain coup than any hacker attack On April 8, 2025, Binance announced to the entire industry in a near overt on chain coup that the governance mechanism of DeFi was fundamentally powerless under the iron fist of capital. When Binance no longer plays the role of an "industry promoter" but blatantly tears open its disguise and intervenes in governance, it kills not just a project, but all confidence and trust in the future of Web3. This is not only a governance attack, but also an ideal strangulation. This is a historical satire of 'decentralized beliefs being destroyed by centralized giants themselves'. _________ 1、 Basic fact: A systemic purge triggered by a 'reform proposal' On April 8, 2025, PancakeSwap released the "CAKE Token Economics 3.0" proposal, with the core content being: -Abolish the veCAKE lock up and voting mechanism; -Emission allocation is under the unified control of the team; -All governance power will return to the hands of the central team. In the promotion, this is packaged as "simplification, deflation, optimization", but in essence, it is a clearing cover for the VE model. The most direct victim is Cakepie - a community DAO that traded 12.8 million CAKEs for governance rights, fought for profits for community users, and formed a balance with PancakeSwap. And behind this proposal, the manipulators have also surfaced. _________ 2、 On chain evidence: Binance's clearing address dominates voting On the eve of the proposal, a retired blockchain whale address suddenly "resurrected": Address: 0xd183f2bf8b28d9fec8367cb06fe72b88778c86b This address is the clearing address used by Binance to take over hacker funds after the BNB Bridge attack in 2022. Subsequently: one ⃣ Suddenly locked 25 million CAKE coins and cast them as veCAKE, becoming the largest voting shareholder; two ⃣ Lead and support the proposal, which can be unlocked immediately after approval without bearing any locking costs; three ⃣ Realize a governance lightning war of "zero cost seizure of power and one-time harvest". At the same time, Cakepie was directly stripped of its governance status, and its multi million dollar community value system was reset overnight. If this is not manipulation, then what is? _________ 3、 Is it Binance operation control? The logical closed loop on the chain has provided the answer Is this being manipulated by Binance? We will break it down one by one: one ⃣ Huge amount of funds: 25 million CAKE+36 million USD stablecoins, beyond the reach of retail investors; two ⃣ Clear address background: Binance is a wallet used for black asset takeover in 2022. The BNB Chain team proposed a governance proposal to grant it whitelist privileges, and Binance injected millions of dollars for clearing operations. Essentially, this is an operational address jointly controlled by Binance and BNB officials. three ⃣ Accurate operation time: Lock the position before the proposal and unlock it immediately after the proposal is approved; four ⃣ Clear benefit harvesting: After abolishing veCAKE, Emission will return to the official and affiliated parties; As is well known, Pancake is the largest DEX on BSC, the exclusive partner for various new product launches on Binance Wallet, and a project exclusively invested by Binance. five ⃣ Long term beneficiaries suffer: Community DAOs such as Cakepie lose all voice and user benefits are reset to zero. All of this points not just to the 'behind the scenes', but to the' in front of the scenes'. This is a coup launched by Binance directly on the chain. _________ 4、 The capital logic behind governance attacks: whoever is not one of our own must be liquidated This action is not complicated, its essential logic is only one sentence: whoever controls Emission, controls power; Whoever threatens power must be dealt with. When Cakepie controls more than half of veCAKE through DAO mode and begins to have the ability to influence the direction of PancakeSwap incentives, allocation mechanisms, and governance voting results, it becomes an "intolerable" variable in the eyes of Binance. What's more? one ⃣ The bribery profits brought by veCAKE have flowed into community projects such as Cakepie and Magpie, rather than Binance itself; two ⃣ The long-term lock up of the VE mechanism has made it difficult for users CAKE held by Binance to use for governance, resulting in a loss of power; three ⃣ PancakeSwap, as the absolute core DEX of the BSC ecosystem, is the most critical link in the Binance DeFi landscape, and any infiltration of non affiliated forces poses strategic risks. So, it must be liquidated. Not because it did something wrong, but because it did it too well and threatened the center of power. This is not reform, this is the recovery of power. Binance personally stepped down and ended the governance itself with a 'vote to abolish the vote'. It's so awesome that it's chilling! _________ 5、 Revelation and Accusation: This is a public humiliation of decentralized faith What Cakepie has lost is numbers and rights, and what the entire DeFi community has lost is institutions and confidence. 12.8 million veCAKE will be invalidated overnight; Millions of dollars locked up and instantly reset to zero; The collapse of CKP governance token model and the bankruptcy of community revenue model; The value of user participation in DAO governance has been completely trampled upon; All the 'collaborative trust' built on the basis of protocol governance has become an illusion. Today is Cakepie, tomorrow could be any community project, any DAO, or any locked user on BSC. As long as the governance system allows whales to "lock their positions in lightning and withdraw once they have invested", the fate of the entire decentralized finance will always be in the hands of that invisible centralized wallet. This time, there were no code vulnerabilities, no private key leaks, and no external attacks. But it is more dangerous than any hacker attack: because it occurs within the rules, under the guise of "governance", but actually carries out "cleansing". _________ 6、 Interrogation and Warning: Those who wield knives will eventually die under the knife, and the liquidator will be punished We must question Binance: You once claimed that 'decentralization is the future', but now you are personally using centralized power to destroy it? You once said 'Web3 is open, free, and equal', but now you are willing to use the hacker wallet you have taken over to announce: Only I can decide who deserves to have power? Do you want to change the financial system or become the "absolute center" that you once vowed to overthrow? Is it difficult? Do we all have to kneel and accept the rule of the Binance Empire? Can you ignore the bottom line, trample on protocols, and engage in a power cleansing on the chain just because Web3 is not regulated? Decentralization is not a slogan hanging in a white paper. It is an order, a promise, but now you have torn it apart with your own hands and violent means. The last thing I want to say is that history has told us countless times that those who are skilled in knives will eventually die under the knife, and those who settle will be settled. They will not die from the enemy, but on the day when they tamper with rules, betray trust, and trample on consensus - the knife never leaves their hand, but it ultimately points to themselves@ heyibinance @cz_binance