Binance Has a Major Pegging Problem

Further investigation into Binance’s pegged-token “scheme” has revealed an alarming gap between the amount of tokens circulated on Binance’s BNB Smart Chain and the amount of actual tokens that they’re backed by.

Patrick Tan
DataDrivenInvestor
Published in
12 min readJan 17, 2023

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Trying to decipher Binance’s maze of finances is not for the faint-hearted.

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General Counsel for ChainArgos, the blockchain intelligence firm made famous for breaking the story that BUSD was unbacked by US$1.4bn