Binance Manipulated GoPax Customer Assets to Conceal Massive Losses
CryptoNewsTerminal Staff27 May, 2024
Binance Manipulated GoPax Customer Assets to Conceal Massive Losses
Binance, the largest shareholder of domestic virtual asset exchange Gopax, has been accused of selling the asset claims of Gopax victims for less than half of their face value. Initially, Binance promised to compensate 100% of the damage caused by the suspension of withdrawals for investors in the virtual asset deposit service 'Gopay' last year. However, Binance did not compensate the victims with its own funds, but rather by selling the victims' asset claims at a low price. Notably, Binance sold Gopax's Genesis asset claims for less than half the price, resulting in a loss of at least hundreds of billions of won for Gopax. This incident highlights Binance's questionable practices and raises concerns about the safety of customer assets on the platform. ```
