Binance’s $1.8 Billion Stablecoin Collateral Transfer Is Similar To FTX: Forbes

The assets were shifted from the peg wallet to Binance 8, the exchange’s cold wallet, and subsequently into its hot wallet. The assets were returned to the peg wallet after seven days. Other beneficiaries of the transfer include Tron founder Justin Sun, who received $138 million, and crypto trading outfit Amber Group, which received $43 million. Interestingly, Sam Bankman-Fried’s crypto hedge fund Alameda Research received $20 million from the exchange. 

There was no commingling” 

While Cumberland and Amber Group did not respond to Forbes’ request for comment, Binance’s Chief Strategy Officer Patrick Hillmann suggested that the transfer of assets within the exchange’s wallets was part of its daily business activities. He also revealed that other than the wallets, the exchange had ledgers that kept track of all funds owed to customers and tokens that were moved around between wallets. 

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