Post
Topic
Board Exchanges
Re: 90% of India's largest crypto exchange funds are in Binance wallet
by
Darker45
on 12/01/2023, 02:17:33 UTC
LOL!

This should be a wake up call to WazirX users. This should also be another wake up call to everybody else who is using centralized exchanges.

The custodian you particularly trust your money with has another custodian to take care of the same money. You entrust your funds to custodian A, but custodian A entrusts the money to custodian B which, in turn, entrusts the money to custodian C, and then to D, E, F, G, H, I, J, and so on until Z. LOL!

So many levels of trust. Not to mention that the money is not really in custody because they're actually risked somewhere else.

I hope WazirX's reserve in Binance is not 99% in BNB and the other 1% in BUSD. LOL!