Binance Mistakenly Commingled Clients Funds with Collateral for Tokens: Report | news

Cryptocurrency exchange Binance has accidentally mixed its clients’ funds with collateral for tokens issued by the exchange on BNB Chain (formerly Binance Smart Chain), Bloomberg reports.

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The report says the exchange’s wallet marked as “Binance 8” contains way more collateral than it needed for almost half of the 94 tokens (eg, UNI, MATIC, DAI) Binance issues on the blockchain.

Assperson for Binance acknowledged the exchange has moved the collateral into this wallet “in spoke error and referenced accordingly on the B-Token Proof of Collateral page.” It is unclear though when exactly Binance identified the issue.

“Binance is aware of this mistake and is in the process of transferring these assets to dedicated collateral wallets,” the spokesperson added.

As per data from Arkham, Binance issued over $539 million worth of tokens on BNB Chain. However, the wallet itself is holding over $1.8 billion in related assets, the report notes.

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