I am reluctantly spending time on FUD again (4). Forbes wrote another FUD article with lots of accusatory questions, with negative spins, intentionally misconstruing facts. They referred to some old blockchain transactions that our clients have done. 1/9
They called out Tron, Amber group, Alameda Research, etc. They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want. Their withdrawals are turned into “received hundreds of millions of shifted collateral.” 2/
Our users also must deposit to Binance first to be able to withdraw, which are also easily traceable on the blockchain. The article conveniently ignores the deposit transactions. 3/9
The article tries hard to categorize Binance and FTX together, including the choice of the article title.
We are different. 4/9
Binance has stood the test of time, with users safely withdrawing billions of dollars in December. I was hanging out socially with crypto friends visiting Dubai everyday that week, including @Ser Jeff Garzik
, @Bruce Fenton
, @Matthew Roszak
, @Patrick Byrne
We implemented proof-of-reserves using a new zero knowledge (ZK) approach (suggested by Vitalik), protecting our users’ security and privacy. 6/9
Binance holds user funds, 1:1, always.
And my Chinese ethnicity is brought up again, as if that mattered. 8/9
I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility.