Forbes: Binance BNB ICO Flop, Excess Tokens Held

A recent Forbes investigation claims Binance’s initial BNB token sale was a major failure. The report alleges less than 11 million of 100 million tokens were sold, despite claims of raising $15 million. After this, Binance apparently doubled allocations for certain investors.

The result was that Binance ended up with far more BNB than planned. As BNB’s value grew over time, this provided large gains for the company. Many buyers may have kept BNB on the exchange to receive trading fee discounts, a key token benefit.

Questions remain about BNB distribution today. Binance’s latest proof of reserves shows only 33 million tokens held against 29 million owed, yet previously released wallet addresses hold over 50 million.

This unexplained discrepancy adds to existing controversies like inadequate reserve collateral for Binance’s stablecoin BUSD. Binance faces multiple lawsuits and potential criminal charges. The opaque BNB ICO and allocation raises more questions about the exchange’s operations.

#Binance #BNB #Crypto #Blockchain #ICO

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