In the course of its investigation, Forbes interviewed Patrick Hillmann, Binance’s chief strategy officer. Hillmann’s explanation, included in the ori
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 “there’s wallets and then there is a ledger.” According to Hillman, this off-chain, internal ledger is what really tracks assets owned, or custodied, by Binance, with on-chain wallets acting as, in his words, mere “containers.”
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