Binance acknowledges mistakenly storing collateral for some of its tokens in the same wallet as customer funds; reserves for around 47 coins are in one wallet
Binance Holdings Ltd., the world's largest crypto platform, acknowledged that it mistakenly keeps collateral for some of the tokens …
Bloomberg Emily Nicolle
Related Coverage
- Binance Mistakenly Mixed Crypto Exchange's Client Funds With B-Token Collateral: Bloomberg CoinDesk · Lyllah Ledesma
- Binance holds token collateral and user funds on same wallet by ‘mistake’ Cointelegraph · Helen Partz
- Binance mixes user funds with B-Token collateral by ‘mistake’ CryptoSlate · Monika Ghosh
- FUD Alert: Binance Acknowledge This Mistake In Customer Funds CoinGape · Divya Sinha
- Best Practices For Storing Crypto Safely Cryptopolitan · Alden Baldwin
Discussion
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@functi0nzer0
Laurence
on x
lol lmao https://twitter.com/...
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@arturo_p_a
Arturo Portilla
on x
Again, when every single thing you do is disguised as an error, nothing is actually an error. https://twitter.com/...
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@gordonjohnson19
Gordon Johnson
on x
Is this legal? Is this not the same thing @SBF_FTX was doing? Hey @SECGov, if/when their investors lose everything, is that the point at which you'll step in here? What am I missing? https://twitter.com/...
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@stocktalkweekly
@stocktalkweekly
on x
Seems it's always a ‘mistake’ when these crypto exchanges get caught with their hands in the cookie jar... SOURCE: https://www.bloomberg.com/...
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@emilyjnicolle
Emily Nicolle
on x
scoop 🚨 Binance has acknowledged an error that means it currently keeps reserves for almost half of its 94 Binance-peg tokens — worth over $539 million — mixed up with customer funds inside a $16.5 billion exchange wallet https://www.bloomberg.com/...
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@emilyjnicolle
Emily Nicolle
on x
Binance 8 contains considerably more tokens than it needs for the amount of B-Tokens issued @chainargos first spotted the problem for B-Tokens of DAI, TUSD, USDP and AAVE. but on a closer look, 41 out of the 94 B-Tokens all use Binance 8 https://www.bloomberg.com/...
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@parrotcapital
@parrotcapital
on x
🚩This is why they'll never pass an audit, they take customer funds that don't belong to them and mix them up. I have zero faith that Binance is truly solvent once you subtract all the accounting fraud, just like FTX and Alameda Research. SBF and CZ are biz partners after all! htt…
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@emilyjnicolle
Emily Nicolle
on x
Spox: “Collateral assets have previously been moved into this wallet in error and referenced accordingly on the B-Token Proof of Collateral page. Binance is aware of this mistake and is in the process of transferring these assets to dedicated collateral wallets.”
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@datafinnovation
@datafinnovation
on x
Whatever you think of binance, crypto or really any part of finance...you've got to applaud this transition towards acknowledging errors and (one hopes!) resolving them sensibly. An outcome I never expected when I started digging in to this! https://twitter.com/...