Forbes: Binance misappropriated nearly $1.8 billion in B-peg USDC collateral in 2022

ChainCatcher news, according to Forbes, on-chain data shows that Binance misappropriated $1.78 billion worth of Binance-Peg USDC collateral in August 2022, with $1.1 billion of assets transferred to high-frequency trading firm Cumberland/DRW, and the remaining funds transferred to Amber Group, Alameda Research, and Sun Yuchen. Binance's Chief Strategy Officer Patrick Hillmann stated that the transfer of billions of assets between wallets is part of the normal business operations of the trading platform, but Forbes believes it evaded the issue of asset transfers from exchange wallets to external entities. (Forbes)