On January 24, Bloomberg quoted an unnamed Binance spokesperson admitting that the exchange had commingled funds and underfunded certain B-tokens “in error.” However, the spokesperson claimed cause for the underfunding appears to be intentional given that they were manually exported out of Binance, were sent to Circle and Coinbase, and the fact that the USDC assets in the wallet were completely drained.The Binance-Peg wallet shows a sudden $3.6 billion balance drop on August 17, 2022.
In quick succession, Binance forwarded the USDC tokens to the Binance 8 wallet, and from there sent the entire sum to the Binance 14 hot wallet. Binance then sent $1.54 billion of the USDC tokens received by Binance 14 to the Binance 15 and Binance 16 hot wallets. Binance transferred a combined $201 million to Amber Group, Alameda Research And Justin Sun during the week in question.It is difficult to ignore similarities to the transactions that contributed to the crisis and collapse at FTX.
Source: News Formal (newsformal.com)
DavidManOnFire
When will bitcoin finally die?
No wonder crypto bros want 'decentralization ' and 'deregulation '
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