Within the aftermath of the FTX collapse, Forbes printed an article that centered on the current “shuffling” of funds by the cryptocurrency alternate Binance.
Nevertheless, the next day on Feb. 28, Binance co-founder and CEO Changpeng Zhao (CZ) took to Twitter to sort out the FUD. In response to the article, the CEO stated:
“They appear to not perceive the fundamentals of how an alternate works. Our customers are free to withdraw their property any time they need.”
In his sequence of tweets, he addressed numerous claims from the Forbes article. This included what it known as a “backroom maneuver” when Binance transferred $1.8 billion in stablecoin collateral to hedge funds resembling Tron, Amber group and Alameda Analysis between Aug. 17, 2022, to early December.
They known as out Tron, Amber group, Alameda Analysis, and so on. They appear to not perceive the fundamentals of how an alternate works. Our customers are free to withdraw their property any time they need. Their withdrawals are became “acquired tons of of tens of millions of shifted collateral.” 2/
— CZ Binance (@cz_binance) February 28, 2023
In mild of the motion of funds, the article drew parallels between Binance and the now-defunct FTX within the lead-up to its personal demise. It additionally touched on the failed Voyager bid by Binance.US and the current ordeal with Paxos and BUSD minting.
It is a growing story, and additional data will likely be added because it turns into obtainable.
