.binance mistakenly mixed client funds and token reserves in the same wallet. LedesmaLyllah reports.
Binance, the world’s largest crypto exchange by trading volume, mistakenly kept collateral for some of the crypto assets it issues in the same wallet as funds belonging to its customers, Bloomberg reported, citing an unidentified Binance spokesperson.cold wallet
“Collateral assets have previously been moved into this wallet in error and referenced accordingly on thepage,” the spokesperson told Bloomberg. “Binance is aware of this mistake and is in the process of transferring these assets to dedicated collateral wallets.” Assets held with the exchange “have been and continue to be backed 1:1,” the spokesperson said.
“In essence this means that there is no segregation of assets between clients' funds and any collateral used,” Kssis said. “This could lead to the owner not being able to withdraw due to lack of funds or liquidity by the exchange.”
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