Binance CEO Changpeng Zhao (CZ) responded with a series of tweets to a Forbes post about “billions of exchange collateral being moved.”
I am reluctantly spending time on FUD again (4). Forbes wrote another FUD article with lots of accusatory questions, with negative spins, intentionally misconstructing facts. They referred to some old blockchain transactions that our clients have done. 1/9
— CZ 🔶 Binance (@cz_binance) February 28, 2023
Zhao stated that he was very reluctant to spend time on another FUD– an article with a lot of accusations, deliberately distorted facts and mentioning his ethnicity as a significant factor.
“Forbes doesn’t seem to understand how stock exchanges work. Our users can withdraw their assets any time they want. And journalists turn these conclusions into “receiving hundreds of millions of displaced collateral.” The article also ignores deposit transactions,” wrote the head of Binance.
According to him, despite the desire of Forbes to combine Binance and FTX into one category, their approach to doing business is completely different. Zhao recalled that Binance survived the $3 billion daily outflow of stablecoins in December 2022. The exchange also continues to protect the security and privacy of customers by integrating zk-SNARK into its reserve confirmation mechanism.
Separately, CZ emphasized that user funds on Binance are “always 1:1 secured.”
“I am deeply disappointed that Forbes continues to write unsubstantiated articles, losing its credibility,” Zhao added.
Recall that in January, the founder of ChainArgos, Jonathan Reuter, concluded that the Binance team had eliminated flaws in the management of BUSD reserves, which sometimes led to a lack of collateral in excess of $1 billion.
In the same month, Changpeng Zhao revealed that FTX paid an unnamed media outlet $43 million for an FUD campaign against Binance.
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