Were Binance’s Proof-of-Reserves cooked?

InfoNesia.xyz – According to an analysis from a Reddit user, Binance transferred 2.7 Billion USDT to another wallet within 20 hours after their proof of reserves was published. This wallet is not listed as a Binance wallet, is not identified as such, and is not included in Binance’s publication of “Proof of Reserves,” according to the Reddit analysis. The proof of reserves article was published on November 10 at around 1 PM UTC barely 24 hours before this realization.

Binance playing games?

Binance recommended that consumers withdraw their cash from exchanges through CZ, stating that all client assets on Binance were wholly backed. They advocated for evidence of reserves and advised against trusting other exchanges. However, as of yesterday, the Reddit’s user analysis revealed 200,000,000 tokens were put back into a revealed Binance wallet, leaving over 2.5,000,000,000,000 Tether in the new, odd, hidden wallet.

Additionally, according to the analyst, other wallets should include extra funds in their snapshot of the proof of reserves. Around 2.4 billion Tron wallets are missing from Binance, while 500 million are gone from the third wallet. The analysis reveals the majority of these assets appear to have vanished on November 14th.

However, it is debatable that these assets may be explained by users withdrawing money in the cases of the second and third wallets. Even so, there is no plausible explanation for a transaction that simply included moving billions of dollars into a secret, new wallet in the case of the first wallet. This leaves a big question specifically owing to the fact they accomplished this after uploading their “proof” of reserves photo barely 20 hours earlier.