Binance's $1B Recovery Fund Moved to Corporate Wallet Despite CZ's Promise of 'Native Crypto' and Transparency

Recently, CZ, the CEO of Binance, announced on Twitter that the exchange would move its $1 billion recovery fund into "native crypto" with transparency. However, it appears that Binance has since moved the funds into a corporate wallet.

The announcement by CZ was welcomed by many in the cryptocurrency community who saw it as a positive move towards greater transparency. The $1 billion recovery fund was created to protect users in the event of a security breach. By moving it into "native crypto," CZ was suggesting that the funds would be stored in a cryptocurrency wallet, rather than a traditional bank account.

However, it now appears that Binance has moved the funds into a corporate wallet, which has raised questions about the exchange's commitment to transparency. The move has been criticized by some in the cryptocurrency community who argue that it undermines CZ's original announcement.

Binance has responded to the criticism by stating that the funds are still held in a "secure and safe" manner and that they are committed to transparency. However, the move has raised concerns about the overall security of the exchange.

This is not the first time that Binance has been criticized for its handling of funds. In 2019, the exchange suffered a security breach that resulted in the loss of 7,000 bitcoins. At the time, Binance created the recovery fund to protect users from such incidents in the future.

The move by Binance to move the recovery fund into a corporate wallet has highlighted the need for greater transparency in the cryptocurrency industry. With the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), there is a growing need for exchanges to be more transparent about their operations and the security of users' funds.

In conclusion, while CZ's original announcement about moving the recovery fund into "native crypto" was a positive step towards greater transparency, the subsequent move to a corporate wallet has raised concerns about the security of funds. It remains to be seen how Binance will address these concerns and whether they will take steps to improve transparency in the future.

[Altcoin Discussion] - April 2023

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Bitcoin DevCon Atlanta 2023 Opens Speaker and Topic Recommendations to the Public with GitHub Repository

The Atlanta Bitcoin Developers Conference (TABConf 2023) has taken a novel approach to its speaker and topic selection process by opening it up to the public through a GitHub repository. According to CoinDesk, co-founder Brandon Iglesias stated that anyone can submit recommendations for speakers or topics, effectively turning the conference into an open-source Bitcoin event. Since its announcement, over 20 proposals have already been submitted.

This unique approach to conference planning reflects the decentralized nature of the blockchain and the Bitcoin community's commitment to inclusivity and transparency. By allowing anyone to participate in the speaker and topic selection process, TABConf 2023 is ensuring that a diverse range of perspectives are represented at the conference.

TABConf 2023 is scheduled to take place in September, and the conference organizers are expecting a high level of interest from the Bitcoin community. By leveraging the power of open-source collaboration, the conference aims to create an engaging and informative experience for attendees.

Overall, TABConf 2023's use of a GitHub repository to crowdsource speaker and topic recommendations is a positive step towards creating a more inclusive and decentralized Bitcoin conference.

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Hiro's Weekly Community Updates: Women in Web3 Twitter Spaces, GigaChadPepe Curating a Special NFT Collection, Hiro Developer Updates #7 and more!

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• Hash Rate - Ep 035 with CEO Alex Miller - CEO Alex Miller joined Mark Jeffrey on this episode of Hash Rate to discuss Balaji's bet, along with the recent bank failures and Ordinals hype. Watch the full episode here.

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