Forbes Likens Binance to FTX, Argues It Is in an “Existential Crisis”

• Forbes investigation reveals Binance allegedly controls 76% of BNB supply.
• Binance likely raised less than $5 million in its ICO versus the $15 million it claimed.
• Binance and its CEO CZ have yet to respond to the accusations.

The largest crypto exchange, Binance, has come under scrutiny again amid claims that the exchange holds the overwhelming majority of the supply of its native token, BNB.

In a recent tweet, Javier Paz, director of data and analytics at Forbes, claimed to have conducted a six-month-long investigation about Binance operations since its debut. The result of the investigation led to a two-part article titled “How Binance Turned Its Failed Token ICO Into A Billion Dollar Windfall.”

Based on his extensive investigation, Paz concluded that Binance owns an estimated 76% of the total BNB coins in circulation. In the tweet, he tagged prominent Binance critics such as  Adam Cochran.

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