🥛Did Binance commingle funds? 😯

PLUS: Come work in crypto! 👔                                                                                                                                                                                                                                                                                                                                                                                                                 May 24, 2023 | [Read Online]( GM. This is Milk Road. We’re like a buoy in the crypto sea. We keep you afloat through the waves of the market. It’s Wednesday. Let’s get after it: - Did Binance commingle funds? 😯 - One chart’s going up 👀 - Web3 Wednesday 📝 - Ledger talks subpoenas 🍪 Prices as of 8 am EDT Today's edition is brought to you by [ChainVine]( - the easiest way to grow your Web3 business with referrals. BINANCE REPORTEDLY COMMINGLED FUNDS 😯 Crypto’s a lot like high school - you KNOW drama’s always gonna drop. The latest drama? According to a recent [Reuters]( report, Binance allegedly mixed customers’ funds with company revenue.  That’s right, Binance got caught “commingling” in the bathroom. Here’s what Reuters is alleging: - Binance commingled users’ money with corporate accounts held at [Silvergate Bank]( (now-bankrupt.) - Binance commingled funds daily in 2020 & 2021. - The total sums were in the billions. $20M from a corporate account was mixed with $15M in an account that received people’s money in just one day. - The good news: no funds were lost or stolen. Phew So what did Binance say? User funds & corporate money are kept on “separate ledgers.” Binance pulled an “I didn’t do anything wrong, Teach” And those accounts weren’t intaking people’s money - they were used to process user purchases (like BUSD, Binance’s stablecoin.) Binance’s communication chief posted a long-ass Twitter post calling the whole report a conspiracy. [tw profile: Patrick Hillmann] Patrick Hillmann @PRHillmann [tw] Let me explain just how desperate a journalist @Reuters is to publish a negative story. The whole base of their story this morning, is that when users purchased BUSD (Paxos) from Binance, they were taken to a transaction page that had the term “deposit” on it. Users were making a… May 23, 2023 731 Likes 175 Retweets 155 Replies Milk Road Take: Reuters cited three anonymous sources in their findings. So who knows. But where there’s smoke, there’s fire. And the last time we heard about the commingling of funds was with FTX. We all know how that turned out… [TAKE ADVANTAGE OF WEB3 REFERRALS](🤝 Looking for a tried and true way to grow through your community? Our partner [Chainvine](’s got your back. Know that you want to grow through Affiliates but don’t know how? [Chainvine](’s got you covered there too. This is why Chainvine is best in class: - Easy-to-use SDK: The setup only takes 5 minutes and provides you with enterprise flexibility and customization - Highly Configurable: Once installed, tweak your program easily with no coding necessary. Even your grandma could manage it. - Advanced Analytics: Visualize performance daily, weekly, or monthly with in-depth details. Identify your top performers to double down. - Built for Web3: Conversion rewards can be paid out in crypto, referrers can log in with wallets, and ChainVine can track on-chain conversions - Proven Success: Their platform has empowered: - [Fire](: A Chrome extension that makes smart contracts human-readable - [Webacy](: A wallet safety platform - [Giveth](: A donation protocol Sign up within the next 72 hours and mention Milk Road for a 10% discount in year 1. The first month is FREE! [Book a demo]( STOCKS & BONDS MEET BLOCKCHAIN 👀 Ladies and gents, a new crypto record has been broken. (*queue DJ Khaled’s “Anotha one”*) This time, the market cap of tokenized stocks & bonds just broke $225M. While most charts are down, this one is moving up that way ↗. [Dune Analytics] Dune Analytics So, wtf is a securities token? It’s just like stocks, ETFs, T-Bills, etc - except on-chain. We call them [real-world assets](: they allow investors to get exposure to tangible assets like gold and real estate. But instead of taking on the physical asset, you just own a tokenized receipt. Why tokenize stocks and bonds? - Access: More people are able to participate in the market, improving liquidity - Efficiency: The blockchain provides faster settlement times and lower costs - Transparency: All data associated with these assets is easier to track, more secure, and can’t be changed So what? Two things: 1/ People are rotating out of stablecoins and they’re rolling into [tokenized assets](. It makes sense when you look at where the rates are. They’ve been driven up on the back of the Fed’s aggressive fight with inflation, with the US 1-yr Treasury paying over 5%. And investing in tokenized assets allows you to [earn yield]( directly, instead of Circle (USDC) or Tether (USDT) taking a cut of the interest. 2/ In 2022, the global bond market totaled $133T. And the market cap of the U.S. stock market alone was $40T. Meanwhile, the total amount of money currently locked on-chain is only sitting at ~$50B at this time. That’s a lot of room to grow 👀 Check out the full Milk Road breakdown of tokenized securities [here!]( WEB3 WEDNESDAY 📝 Happy Hump Day, Roadies. And welcome back to another Web3 Wednesday, when we find all the cool Web3 job openings out there for you. Check out this week’s: - [Partner Success Manager at Aptos]( - Palo Alto, CA - [Business Development Lead, Capital Markets, at Aptos]( - Remote - [Senior Smart Contract Engineer at Uniswap]( - Remote - [Financial Reporting Accountant at MoonPay]( - Remote - [Senior Quantitative Software Engineer at Kraken]( - Remote - [Product Designer ll at Chainalysis]( - Remote - [Internship (Growth Marketing) at CoinGecko]( - Selangor, Malaysia - [Senior Technical Program Manager, IT Legal & Compliance, at Coinbase]( - Remote - [Full Stack Internship at CertiK]( - Remote - [TypeScript Software Engineer at Immunefi]( - Remote - [Social Media Content Creator at Crypto.com]( - Remote, U.S. - [Associate Analyst Summer Internship at Solana]( - Remote P.S. - Are you trying to hire in Web3? Learn how to get your open jobs in front of 250K+ crypto enthusiasts [here.]( MILK & COOKIES 🍪 [Ledger’s CEO confirmed they’d hand over sharded private keys if subpoenaed.]( There are more Trust Issues than Drake back in 2011. [Solana integrates a ChatGPT plugin that reads on-chain data.](Crypto 🤝 A.I. [Bitcoin Conference attendance fell 50% this year.]( There were more people at your local spelling bee… [Bitcoin passes SOL to become the 2nd most popular blockchain for NFTs over the last 30 days.]( Bitcoin Inscriptions have really left their mark. MILKY MEMES 🤣 Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with the Milk Road to get your brand in front of the Who's Who of crypto. The Roadies are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( ROADER REVIEW OF THE DAY VITALIK PIC OF THE DAY [tw profile: Milk Road Images] Milk Road Images @MilkRoadImages [tw] when you see your cousin at the family bbq... May 24, 2023 0 Likes 0 Retweets 0 Replies DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. [tw]( [ig]( [yt]( [tk]( [in]( Update your email preferences or unsubscribe [here]( © Milk Road 603 Munger Avenue Suite 100 #1006 Dallas, Texas 75202, United States