CyrptoWhale sees a 99% chance that Binance can manipulate BNB. In a published report, it was announced that Binance’s trading volumes are fictitious, and the reasons for this are explained.
RipplePandaXRP claimed that BNB, the Binance-owned token, was manipulated. Cryptocurrencies have recently been shaken by the news of bans and restrictions from many different places and naturally suffered a loss of value. Of course, it was not very difficult to re-raise these depreciations for coins with high trading volume, but when it comes to relatively lower coins, it is not easy to regain depreciation. On the other hand, while these declines continued, Binance’s official token BNB somehow managed to protect its value. This situation caught the attention of some analysts and brought with it discussions whether BNB was manipulated or not.
In a tweet, RipplePandaXRP asked why BNB did not fall despite “bans and restrictions”. The hugely popular Twitter user raised the question of whether BNB was manipulated, and CryptoWhale answered the question:
“I think so too. The probability of BNB being manipulated is 99%. It was created by Binance, which has proven to be involved in price manipulation schemes.”
A recent report revealed that Binance is “quietly” changing its BNB whitepaper page. According to analysts, the report has plenty of evidence for those who want to believe that 99% of Binance’s trading volumes are not real. According to the report, Binance has reworked its BNB whitepaper on the regular burning of coins. The document states that the site has committed 20 percent of its quarterly profits to BNB buyback, after which the burning of tokens disappeared. The report advised readers to compare the BNB whitepaper before and after the changes.
Also, a Binance spokesperson said the exchange will burn tokens equivalent to 20 percent of the company’s quarterly profits, as always. However, this information no longer appears in the whitepaper. This causes Binance to burn tokens at will and not put them under obligation as before.
As it will be remembered, BNB planned to carry out the 16th coin burn in July and did so. Binance CEO Changpeng Zhao said in a statement on the subject:
“In summary; The amount of coins burned by Binance is 1,296,728 BNB ($390,855,150). The remaining 16m BNB is unlocked and moved to a team address; information contained in this white paper. The Binance team has never used or sold a single team BNB, just burned it.” he said.
In the official announcement, the Binance team added that an additional 5,163 BNB was “burned through the Pioneer Burn Program.” The quarterly burning of BNB will continue until 100,000,000 BNB coins are out of circulation.
BNB is trading at $405 after hitting an all-time high of around $690 in May. Binance token, the 5th largest cryptocurrency by market capitalization, has gained more than 8 percent in the last 24 hours. The cryptocurrency also has a market cap of over $67 billion. BNB fell 29.41 percent in 24-hour trading volume.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.