In the course of its investigation, Forbes interviewed Patrick Hillmann, Binance’s chief strategy officer. Hillmann’s explanation, included in the original story, seemed to be simply that the on-chain wallets understood to contain backing for Binance’s stablecoins are effectively meaningless. “There was no commingling” of customer funds, Hillman told Forbes, because “there’s wallets and then there is a ledger.” According to Hillman, this off-chain, internal ledger is what really tracks assets owned, or custodied, by Binance, with on-chain wallets acting as, in his words, mere “containers.”
Related posts
-
Binance Executive Tigran Gambaryan’s Health Deteriorates in Jail as Nigeria Trial Proceeds
“As I have stated many times before and as the evidence in court is showing, Tigran... -
Ethereum Suffers 3rd Straight Weekly Outflows
The digital asset market is experiencing a wave of investor caution, with Ethereum leading the charge.... -
Crypto Exchange Binance Takes Action Against Account Misuse
Cryptocurrency exchange Binance has announced measures to address the...