Coinspeaker
Binance Addresses Reports Regarding Its BUSD Peg
On Tuesday, Binance admitted to flaws in its system that cost the platform its Binance Smart Chain BUSD peg and left it at least $1 billion undercollateralized at some point. According to a Binance spokesperson:
“The process of maintaining the peg involves many teams and has not always been flawless, which may have resulted in operational delays in the past. Recently, the process has been much improved with enhanced discrepancy checks to ensure it’s always 1-1 pegged.”
Furthermore, analysts revealed that the leading exchange’s stablecoin slipped its peg by that massive margin more than once. On at least three occasions, they allege a difference between the Binance-peg BUSD amount circulating on its smart chain and the real BUSD quantity meant to back it. According to these analysts, this figure eclipsed $1 billion each time the glitch occurred.
The Binance spokesperson pointed out that the issue, which has been corre
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