Re: 90% of India's largest crypto exchange funds are in Binance wallet
It's not the serious part of the story but that those assets estimated at about $285 million of total user assets are in the form of stablecoins (USDT,) and those coins can be frozen, reversed or removed with a single click.
In this case, the risks are double, if Binance falls, WazirX will enter into a domino effect, and if USDT Falls, they will have only $26.45 million which will make them goes to bankrupt.
So where did the depositors' money go?
Indian crypto exchange WazirX released its proof-of-reserves report, and with that disclosed that 90% of its user assets are held in Binance wallets.
CoinGabbar, a third-party platform that tracks crypto assets, released WazirX's proof of reserves. At the time of writing, WazirX had $285 million of total user assets, displayed in the form of stablecoin USDT, which is pegged to the U.S. dollar. Of the total user assets, around 92%, or $259.07 million, was held in Binance wallets, with $26.45 million being held in other exchanges.
CoinGabbar, a third-party platform that tracks crypto assets, released WazirX's proof of reserves. At the time of writing, WazirX had $285 million of total user assets, displayed in the form of stablecoin USDT, which is pegged to the U.S. dollar. Of the total user assets, around 92%, or $259.07 million, was held in Binance wallets, with $26.45 million being held in other exchanges.
In this case, the risks are double, if Binance falls, WazirX will enter into a domino effect, and if USDT Falls, they will have only $26.45 million which will make them goes to bankrupt.
So where did the depositors' money go?
I hope WazirX's reserve in Binance is not 99% in BNB and the other 1% in BUSD. LOL!
Its USDT