Binance Acknowledges Past Flaws in Management of Stablecoin's Reserves

Crypto exchange Binance admitted to flaws in its system that left its supply of Binance Smart Chain $BUSD undercollateralized by at least $1 billion, according to Bloomberg.

A Binance spokesperson said that the process of maintaining the peg involves many teams and has not always been flawless, which may have resulted in operational delays in the past, adding that the pegging process has since been corrected.

Source

Binance

Stablecoins

In This Article

Related News
Binance suspends employee for allegedly profiting off of insider information Binance suspends employee for allegedly profiting off of insider information
Total stablecoin market cap surpasses $230 billion amid institutional interest and Trump policies Total stablecoin market cap surpasses $230 billion amid institutional interest and Trump policies
Binance Records $3.97B Weekly Inflows Binance Records $3.97B Weekly Inflows
Total stablecoin market cap tops $200 billion as onchain lending yields surge Total stablecoin market cap tops $200 billion as onchain lending yields surge
Binance inflows for 2024 are almost 40% higher than the next 10 exchanges combined Binance inflows for 2024 are almost 40% higher than the next 10 exchanges combined
Latest News More More
3 Days Ago 0xbow unveils ‘Privacy Pools,’ a new blockchain privacy tool drawing from Vitalik Buterin’s research
March 27 Ethereum edges closer to deploying Pectra on mainnet with successful upgrade on Hoodi testnet
March 27 MEXC Extends DEX+ Platform to Binance Smart Chain Users
March 25 BlackRock launches bitcoin ETP in Europe following US success
March 21 Pump.fun launches DEX called PumpSwap to instantly migrate graduated token
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open