- He denied the information about the withdrawal of borrowed funds
- These amounts were transferred by the clients themselves.
- Information can be verified on the blockchain
Since the morning, the crypto community has been actively discussing the Forbes article. It states that the Binance exchange allegedly withdrew $1.8 billion in collateral to crypto funds. They compared this situation to the behavior of FTX on the eve of bankruptcy.
The CEO of the crypto exchange responded to these accusations with a series of tweets.
Here’s the gist:
- The Forbes publication deliberately distorts the facts and exposes Binance in a negative way.
- They referred to old transactions that were made by the clients of the crypto exchange themselves.
- It was customer withdrawals, not “moving hundreds of millions of dollars of collateral.”
- Before withdrawing assets, clients first deposit them on Binance. These transactions are easy to track on the blockchain. But the journalists did not mention anything about deposit operations.
- Changpeng took a separate look at how Forbes writes headlines. They combined Binance and FTX in one phrase, hinting at the risks of bankruptcy.
- Binance has stood the test of time. So, in December, clients quietly withdrew billions of dollars from the platform.
- Zhao also mentioned the Proof of Reserve mechanism. Now he uses the innovative approach of ZK (zero knowledge, Zero Knowledge). This protects the security and privacy of customers.
- He recalled that the assets of Binance users are 100% secured.
- The businessman noticed that the media again touched on the topic of his Chinese nationality.
“I am deeply disappointed that Forbes continues to write groundless articles, losing its own credibility” Zhao concludes.