Binance, the world’s largest crypto exchange, admitted Tuesday to flaws in its system that left its supply of Binance Smart Chain BUSD—one of the company’s stablecoins, which is purportedly backed one-to-one by the U.S. dollar—undercollateralized by at least $1 billion. Analysts say the issue caused BUSD to slip its peg by that massive margin at least three times. “The process of maintaining the peg involves many teams and has not always been flawless, which may have resulted in operational delays in the past,” a Binance spokesperson told Bloomberg. (Decrypt)
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