Binance Crypto Exchange Admits to Mixing Customer Funds with Collateral for Binance-Issued Tokens

Major crypto exchange Binance kept collateral for some of the cryptoassets it issues in the same wallet as the customer funds by mistake, Bloomberg reported, citing a Binance spokesperson. On Monday, Binance released a proof-of-collateral report for B-Tokens, which are the 94 Binance-minted tokens. The report, however, showed that reserves for nearly 50% of all these coins that Binance issues, were at that point stored in a single wallet called 'Binance 8'. ...