Monat: Januar 2023

Binance Admits Error , Promises to Reimburse Customers for Funds Mixed with Token Reserves

• Binance recently released a proof of collateral report for its B-Tokens, which showed that the exchange had all 94 tokens fully collateralized.
• Data suggested the Binance wallet holding the exchange’s own token reserves also held user funds.
• Binance has reportedly acknowledged storing customers‘ funds in a wallet that also holds the cryptocurrency exchange’s in-house tokens, admitting that it was done in an erroneous manner.

Binance, one of the world’s leading cryptocurrency exchanges, recently released a proof of collateral report for its B-Tokens, which showed that the exchange had all 94 tokens fully collateralized. B-Tokens are Binance-pegged versions of crypto tokens such as Bitcoin, Ethereum and Polkadot, and they allow for usability across BNB Smart Chain and other ecosystems. However, data suggested that the Binance wallet holding the exchange’s own token reserves also held user funds.

In response, Binance has reportedly acknowledged storing customers‘ funds in a wallet that also holds the cryptocurrency exchange’s in-house tokens. According to details attributed to a Binance official, the exchange had said the ‚mixing‘ of customer funds and collateral for its B-Tokens was done by mistake. This indicates that user funds are also stored in the Binance 8 wallet. The exchange explained the „error“, noting that the said wallet was intended to hold only B-Token reserves.

In order to fix the issue, Binance has promised to transfer user funds to a segregated wallet, and is also seeking to ensure that the reserves and collateral remain in a separate wallet. Binance has also promised to ensure that such an “error” will not happen again in the future. The exchange has also promised to reimburse customers who have lost money due to this “error”.

The fact that Binance has admitted to the “error” and is working to fix the issue is a positive sign for customers who are worried about their funds being mismanaged. It also shows that the exchange is taking steps to ensure that customer funds are secure and not mixed up with its own token reserves. This could go a long way towards restoring customer confidence in the exchange.

QuickNode Raises $60 Million to Accelerate Blockchain Adoption

• QuickNode, an infrastructure provider for blockchain technology, has raised $60 million in a Series B funding round.
• The funding round was led by 10T Holdings, a digital assets-focused equity fund, with participation from Seven Seven Six, Tiger Global, and QED Investors.
• QuickNode plans to use the funds for growth and development of their platform and to accelerate blockchain adoption across the Web3 industry.

QuickNode, an infrastructure provider for blockchain technology, has raised $60 million in a Series B funding round. The round was led by 10T Holdings, a digital assets-focused mid to late-stage equity fund, with participation from Seven Seven Six, Tiger Global, and QED Investors. This significant funding will enable QuickNode to grow their team and expand their operations and tools.

The mission of QuickNode is to power the Web3 growth and increase blockchain adoption. With the fresh funds, the company plans to solidify its position as the most performant blockchain development platform. They will be focusing on developing tools and software solutions that can help accelerate the adoption of blockchain technology.

This is not the first time QuickNode has received funding. In 2020, they had raised $3 million in a seed funding round, which was led by Seven Seven Six. The company has also received backing from notable investors like Naval Ravikant, Balaji Srinivasan, and Fred Ehrsam.

The current funding round will be instrumental in helping QuickNode to further their mission. According to their blog post, the funds will be used to grow their team and scale their activities and tools. This will enable them to develop and improve their platform, which will help them to provide better services and products to their customers.

QuickNode is confident that the funding will help them to reach their goal of becoming the number one platform for blockchain development. They believe that this round of funding will help to accelerate their mission of bringing blockchain technology to more users and businesses.

This is an exciting time for QuickNode, and their success is a testament to the potential of blockchain technology. With this funding, the company will be able to continue its work in developing tools and solutions that help to make blockchain technology more accessible and easier to use. This will be beneficial for both businesses and individuals, as it will make it easier to build applications and services on the blockchain.