Binance used customer funds for its own purposes in a move similar to FTX scandal: report
Binance reportedly appropriated customer assets for its own purposes in a series of moves that present similarities to events leading up to FTX's downfall, according toThe largest crypto exchange in the world reportedly transferred $1.8 billion in stablecoin collateral to hedge funds which subsequently left its investors exposed, according to Forbes, which reviewed on-chain data from August 17 to early December. These investment firms include Alameda Research, the trading arm of FTX.
"Binance does not, and has never, invested or otherwise deployed user assets without consent under the terms of specific products," a company spokesperson told Insider in a statement."Binance holds all of its clients' assets in segregated accounts which are identified separately from any accounts used to hold assets belonging to Binance."
Sam Bankman-Fried's FTX lost more than $8 billion in customer funds after allegedly misusing the crypto exchange's deposits for operations at sister trading firm Alameda.
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