Altcoins

Amount of FDUSD Participating in Binance Launchpool Allegedly Exceeded the Total Supply: Binance Responds – What’s the Truth?

Today, it was claimed that the amount of FDUSD stablecoin deposited to Binance’s OMNI Launchpool far exceeded the known supply of FDUSD.

Binance’s latest OMNI Launchpool showed a staggering $6.37 billion worth of FDUSD deposited. This attracted attention as the token’s reported market cap is just under $4 billion.

First Digital Labs, which issued the FDUSD stablecoin, stated that the token was issued only on Ethereum and Binance Smart Chain. The token supply on Ethereum is currently $3.8 billion while on BSC it is $180 million.

This discrepancy indicated that approximately $2.4 billion worth of FDUSD, which currently “does not exist,” was deposited into Launchpool. This raised questions about whether the stablecoin was fully supported or the fairness of Binance Launchpool.

However, Binance has now corrected the value in question, stating that this was a display error and that the amount deposited to Launchpool was actually $3.18 billion.

In response to concerns, Binance made the following statements:

“Thank you for bringing this to our attention. We would like to assure you that we are fully aware of the issue with incorrect display of FDUSD and BNB amounts on our Launchpool page. The error was clearly a display issue and was immediately addressed and fixed by our technical team. We are currently working diligently to fix the distribution and any impacts it may cause. You can rest assured that all your funds are safe and secure.”

*This is not investment advice.

Source

Click to rate this post!
[Total: 0 Average: 0]
Show More