Within the aftermath of the FTX collapse, Forbes printed an article that centered on the latest “shuffling” of funds by the cryptocurrency change 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 change works. Our customers are free to withdraw their property any time they need.”
In his collection of tweets, he addressed varied claims from the Forbes article. This included what it referred to as a “backroom maneuver” when Binance transferred $1.8 billion in stablecoin collateral to hedge funds similar to Tron, Amber group and Alameda Analysis between Aug. 17, 2022, to early December.
They referred to as out Tron, Amber group, Alameda Analysis, and so on. They appear to not perceive the fundamentals of how an change works. Our customers are free to withdraw their property any time they need. Their withdrawals are changed into “obtained a whole bunch of hundreds of thousands 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 latest ordeal with Paxos and BUSD minting.
This can be a growing story, and additional data shall be added because it turns into obtainable.