Major cryptocurrency exchange Binance reportedly admitted that it mistakenly stores some customer funds in the same wallet with its collateral for some in-house tokens. After the revelation, Binance started the process of transferring the assets in question to dedicated collateral wallets.
Binance mistakenly put collateral for some of the Binance-minted tokens, or B-Tokens, in a wallet that also holds customer assets, Bloomberg reported on Jan. 24.
On Monday, Binance released a proof of collateral for B-Tokens, providing information for all 94 tokens issued by Binance. The firm previously stressed that B-Tokens are always fully collateralized and backed 1:1.
According to the proof of collateral, Binance reserves for almost 50% of all B-Tokens are currently stored in a single wallet called “Binance 8.” The wallet holds significantly more tokens