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In the course of its investigation, Forbes interviewed Patrick Hillmann, Binance’s chief strategy officer. Hillmann’s explanation, included in the original story, seemed to be simply that the on-chain wallets understood to contain backing for Binance’s stablecoins are effectively meaningless. “There was no commingling” of customer funds, Hillman told Forbes, because
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“Our direct exposure to FTX exchange was confined to mid-seven figures held in custody. Our investment into the equity of FTX was made prior to the launch of our fund, and we did not invest any LP capital into FTX,” Sino Global said in a tweet on Tuesday . Source
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“To successfully front-run, you need to be able to predict the short-term price moves of the underlying [asset] with relative confidence; the volatility of bitcoin and the crypto asset-class makes that a particularly difficult task, fraught with risk,” Sui Chung, CEO of CF Benchmarks said in a Telegram chat. “What
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