Binance Admits To ‘Mistake’ of Storing Its Users’ Crypto Assets Inside Collateral Wallet: Report – The Daily Hodl
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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 keeps reserves for tokens it issues, called Binance-peg tokens (B-tokens), in a digital wallet labeled “Binance 8.” According to a listing on Binance’s site, Binance 8 also holds some customer assets. The wallet’s reserves are also significantly higher than the number of B-tokens issued by Binance, which suggests that the collateral is being intermingled with customer assets instead
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