.Binance moved $1.8 billion of collateral meant to back its customers' stablecoins to hedge funds late last year, according to Forbes. By JamieCrawleyCD
According to the report, Binance transferred the collateral to hedge funds including Alameda and Cumberland/DRW and did so without informing its customers. According to blockchain data from Aug. 17 to early December examined by Forbes, a period which encompassed the collapse of fellow crypto exchange FTX, holders of more than $1 billion of crypto for B-peg USDC tokens had no collateral for instruments that Binance said would be fully backed by the token they were pegged to.
Binance's chief strategy officer, Patrick Hillman, told Forbes the movement of money among wallets was common practice and not a problem."There was no commingling," Hillman said, because"there's wallets and there is a ledger."
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