An investigative report published by Forbes on October 5th has revealed that Binance, the world’s largest cryptocurrency exchange, may have overstated the success of its 2017 Initial Coin Offering (ICO) for Binance Coin (BNB). According to the report, Binance founder and CEO Changpeng Zhao declared the ICO a success, claiming it had raised $15 million and that the BNB token was priced at an average of $0.15 per token. However, the report suggests that the actual allocations tell a different story. It found that ICO investors actually received 10.78 million BNB, rather than the 100 million BNB that was promised. Furthermore, angel investors received 40 million BNB, double the amount that was initially promised. The revised sale results mean that Binance may hold a massive amount of value — up to 65 million unsold tokens in addition to its own 80 million BNB allocation. Blockchain analysis showed that Binance and its members continue to control the extra tokens, with the combined wallets holding 63.1 million units of BNB worth $15.7 billion. BNB currently has a market capitalization of $33 billion and ranks as the fourth-largest cryptocurrency. Binance did not respond to CryptoSlate’s request for comment.

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Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	8
People	Changpeng Zhao, CryptoSlate, Forbes
Companies	Forbes, BNB, Changpeng Zhao, ICO, Binance
Currencies	BNB, Ethereum, Bitcoin, US Dollar
Securities	None