ReportedreservesStatement 401
The company said in 2024 that it had more than $160bn in assets under its custody.
The BBC reported that Binance said in 2024 that it had more than $160bn in assets under its custody.
This line is our short summary of the quote below. The quote is the evidence.
Cited in theories
- Questions raised about Binance's coverage of the loss: Context. Binance's 2024 custody figure.
Other statements from the same source
Reportedroot causeStatement 337
The BBC quoted the speaker as saying this was not carried out by one person.
This was not carried out by one person.
ReportedwithdrawalsStatement 336
The BBC reported that Binance had initially suspended all deposits and withdrawals but then said in an update that deposits remain unaffected.
It had initially suspended all deposits and withdrawals - but then said in an update that "deposits remain unaffected".
ReportedreservesStatement 335
The BBC reported that several experts warned customers not to regard Binance's promise to cover losses as legally binding.
Several experts have warned customers not to regard Binance's promise to cover losses as legally binding and said they may need to pursue litigation to recover them.
ReportedreservesStatement 334
The BBC reported that crypto history watchers online were pointing out that Binance's message that customer funds will be covered resembles a message given by the FTX CEO before FTX collapsed in 2022.
But crypto history watchers have been pointing out online that this is exactly the kind of message that FTX CEO Sam Bankman-Fried gave before his crypto exchange collapsed in 2022, leading to huge losses for customers and the industry.