Coinbase, Binance and other exchanges hold at least $2.25 billion of shadow ether, as the latest lucrative innovation in digital assets ramps up. ForbesCrypto
, and they keep control of their crypto. But they have to trust the integrity of the intermediaries and the security of the platforms to safeguard their assets.This chart above tracking BETH makes it appear that Binance was worth $0.5 trillion in 2021 because of one large shadow minting of tokens.In December of 2020 Binance minted an astounding 100 million Binance ETH, known as “beths”, each representing one ether at a time when there were only 120 million ETH in existence.
Creating billions worth of staking tokens out of thin air and then destroying them, is just the latest example of a crypto company playing by its own rules. Disgraced former crypto exchange FTX, played fast and loose with disclosure rules, and more recently Binance has come under scrutiny. A Depending on the platform, it could take weeks to withdraw crypto once it has been staked. The situation has been even more extreme with Ethereum. Although staking was enabled for the blockchain in December 2020, withdrawals were not permitted until a major upgrade, known as the “Shapella update”, was completed on April 12, 2023.
Then there is the issue of exchanges making up new rules as they go along. Until April 24, Binance limited the use of beths to deposits on its Binance Launchpool, essentially an initial public offering platform that allowed users to participate in unproven crypto-related projects that the global cryptocurrency exchange was endorsing.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Binance, Coinbase Endure $700M in Staked Ether Outflows as Decentralized Liquid Staking Protocols GainExchange giants coinbase and binance have withdrawn some $700 million of ETH from staking since the Shanghai upgrade, while fraxfinance and Rocket_Pool have seen a sharp increase in deposits. sndr_krisztian reports
Lire la suite »
Liquid staking solutions now have more TVL than DEXs: DefiLlamaLido is still the top liquid staking solution in terms of TVL, with Coinbase Wrapped Staked Ether (CBETH) coming in second.
Lire la suite »
Binance Launches The Sandbox NFT Staking Program | CoinMarketCapCryptoNews: Binance Launches The Sandbox NFT Staking Program Binance NFT Marketplace has announced the launch of TheSandbox NFT Staking Program, allowing users to stake their $SAND tokens and earn exclusive NFT rewards
Lire la suite »
Binance Launchpool Adds SUI Token: Staking BNB and TUSD for Rewards | CoinMarketCapCryptoNews: Binance Launchpool Adds $SUI Token: Staking $BNB and $TUSD for Rewards Binance has announced the introduction of Sui on its Launchpool platform. Users will be able to farm SUI tokens by staking BNB and TrueUSD
Lire la suite »
Binance Convert Adds EDU | Binance SupportFellow Binancians, Binance is excited to announce that EDU has been added to Binance Convert . Users can now trade EDU against BTC, USDT and any other tokens supported by Binance Convert at zero fe...
Lire la suite »
Your Comprehensive Guide to Listing NFTs on the Binance NFT Marketplace | Binance BlogThe Binance NFT Marketplace makes trading NFTs secure and simple. Get all the details on how to start listing NFTs to a global audience from our platform 👇
Lire la suite »