Another 37,371,039 XRP worth $14 million moved from Binance to an unverified destination. Part of Binance’s outflows – which now amount to more than $1 billion – could partly be tied to the irregularities on the exchange’s recently declared proof of reserves by Mazars.

The audit firm’s letter read: “we found that Binance was 97% collateralized without taking into account the Out-Of-Scope assets pledged by customers as collateral for In-Scope-Assets lent through the margin and loans service offering resulting in negative balances on the customer liability report. With the inclusion of In-Scope Assets lent to customers through margin and loans overcollateralized by Out-Of-Scope Assets, we found that Binance was 101% collateralized.“