Binance Says Wrapped Tokens Were ‘Always’ Fully Collateralized

Binance’s wrapped tokens “are and have always been fully collateralized,” company says in a blog post.

• “On occasion in the past,” collateral assets had been stored in cold wallets not known to the public, or not moved “speedily enough” to the appropriate hot wallets, the company adds
• NOTE: Binance acknowledged earlier this month past flaws in the management of its stablecoin’s reserves which at times led to more than $1 billion in missing collateral, according to one analysis

--With assistance from Emily Nicolle.

To contact the reporter on this story:
Leonard Kehnscherper in London at lkehnscherpe@bloomberg.net

To contact ...