Trending Topic: Binance Admits Fault In Holding User Funds As Collateral Tokens


We've curated a list of the most popular news articles and tweets on the following trending topic - Binance Admits Fault in Holding User Funds as Collateral Tokens.

Binance was storing user funds and reserves in the same wallet. It calls the news a simple mistake, but skepticism is warranted.

Exasperation. Irony. Apathy. This week's story about Binance and its mismanagement of reserves raises many emotions. If you missed it, Bloomberg reported that Binance “mistakenly” pooled collateral for some of the crypto assets it issues with customer funds, with the report citing an unidentified Binance spokesperson. The summary is as follows.

The latest price moves in bitcoin (BTC) and crypto markets in context for Jan. 25, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

Binance reportedly acknowledged its error in storing customer funds and said it will work law enforcement to address the situation.

The world's largest crypto exchange by volume is publicly addressing what it says is a mistake in handling customer assets. According to a new Bloomberg report, Binance said it mistakenly kept collateral for Binance-issued tokens alongside customer funds in the same wallet.

Binance is addressing a financial mistake after it admitted to storing some customer funds in the same wallet with collateral for in-house tokens.

Binance maintains certain client assets in the same wallet as its collateral for in-house tokens. Binance moved the funds to collateral wallets after the disclosure.

Binance held customer funds and token collateral in the same cold wallet. The exchange claimed that the mixing was by mistake and is working on correcting it.

Binance (CRYPTO: BNB), the largest cryptocurrency exchange in the world, made a mistake by keeping cryptocurrencies that are used as collateral for some of its crypto assets in the same wallet as funds belonging to its customers, Bloomberg reported, citing an official Binance spokesperson. The exchange issues a total of 94 Binance-peg tokens (B-Tokens) and the reserves for almost half of them are stored in a cold wallet called Binance 8.

Key Points: According to a Bloomberg story, Binance, the biggest cryptocurrency exchange in the world, has admitted that it unintentionally kept customer cash and token reserves in the same wallet.

Binance has maintained that its client assets were backed by enough collateral to meet any redemption requests.

Binance Coin (BNB/USD) has sustained its bullish trend amid reports by Bloomberg that the Binance exchange mistakenly mixed client funds with Binance-peg tokens (B-Tokens) collateral. At press time, the BNB token was up by 3.34% in the past 24 hours to trade at $313.24.

World's largest crypto exchange Binance has acknowledged that it has mistakenly stored token reserves and user funds in the same wallet, according to a Bloomberg report.

Binance, the world's largest crypto exchange has been caught processing around $346 million from the seized digital asset exchange, Bitzlato. As per reports, the transactions were done in Bitcoin.

Binance is working to correct mistake of mixing its collateral and customers' funds

Binance previously said the firm's corporate holdings are recorded in separate accounts and should not form part of the proof-of-reserves calculations.

The world's largest crypto exchange by volume said it is in the process of transferring the collateral out of the shared wallet.

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