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Adjusting Totals for the Counterfeited / Double Counted Funds on the Binance Chains
Okay, so from jump Binance was already 16k+ bitcoins in a deficit.
But when visiting the actual addresses, we detected that they underreported the total circulating BEP2 wrapped token for Bitcoin by 7,392 tokens.
(below is a summary of total adjustments & considerations that need to be made for the Bitcoin that Binance has bridged on to their custom chain[s]):
1. Binance Proof of Funds lock-up total was already in a gross deficit comparative to the amount of minted derivative Bitcoin tokens on Ethereum and their Binance chains.
2. Further investigation revealed there are 80,501 BEP20 BTCB outstanding vs. 73,100 as originally conceived (a difference of 7,401 bitcoins here alone).
3. Further investigation also revealed that there were 13,001 BEP2 BTCB outstanding vs. just 7,392 (a difference of 5,609 bitcoins here alone).
4. Altogether, the cumulative total in bitcoins that are underreported in the 'wrapped token' section for Bitcoin is 13,010 bitcoins. Going by the current market prices at the time of writing (BTC = $36.77k), Binance underreported the total Bitcoin mint by $478.37 million.
5. Overall, there is approximately ~$**1 Billion** in additional value that's been minted on Ethereum and Binance's chains (unbacked). There is no way to dispute these numbers since Binance themselves declared that they would be using the blockchain as the immutable standard of proof backing up their 1:1 peg assertion.