... we might have a bigger bag to worry about: Upbit.
When I curated this morning, I came across the piece of news that Bitshares was delisted from Binance. Ok, things are changing on Binance, and I've been keeping a close eye on them too.
But maybe we miss a more important aspect for us, just because Binance as a whole is huge and influential.
Let's take a look at HIVE on exchanges, thanks to the daily financial charts of 
What you see at the bottom with a yellow-orange color is Binance. A relatively constant amount of liquid HIVE there, close to 30m.
What you see at the top with the sky-blue color is Upbit, which now holds approximately 120m liquid HIVE and has kept growing its massive custodial holdings. That's more or less 4x the HIVE liquidity on Binance.
The total liquid HIVE is 39% * 417m = 162.6m HIVE as we can deduct from the following information, with approximative calculations:
That means that only a couple of million HIVE is held liquid on-chain by other accounts, except exchanges, and excluding 
If this kind of information is accurate - and I don't see why it wouldn't be - and knowing people outside Korea can't have accounts on that exchange, that liquidity and pairs pose a higher potential threat on Hive than the 30m on Binance. And while we don't know who owns the liquid HIVE on Binance, and I assume they won't attempt to pull another stunt on us using customer funds, on Upbit things are also very unclear as to the intentions of the HIVE holders there, other than using them for pump and dumps, which by itself can be a bad thing for Hive.
If we were to treat the Upbit stake as a whole - which normally is the wrong thing to do when we talk about custodial funds - 120m HIVE represents 28.77% of the HIVE's entire supply, which may be too much, no matter how you take it.
We are generally pleased that our whales are not too big (even when we say they earn too many rewards, lol) and none of them holds too much power over the chain, as St**mit did. But do we know if there isn't a huge whale amassing HIVE on Upbit? We don't, and other than the exchange team, probably nobody does unless that whale wanted someone to know.
Sure, if that whale wants to use that power on-chain, we'd have 30 days (during which it has no governance power) to see what's going on and, maybe, take some action. But it can still manipulate the price of the coin, and we have seen that intensely on Upbit in the past, but maybe not as much lately.
The Bitcoin-Hive bridge built on VSC cannot come sooner, but... we need to keep in mind those bridge nodes will be required to hold double the maximum transaction they can process as collateral. That's a great safety measure, but there will probably be a few nodes that can afford to lock up a huge collateral.