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Unveiling the Hidden Story: Binance's 2017 ICO Reveals Shocking Secrets

Jack Evans
Oct 9, 2023 at 10:20 am

When it comes to the history of cryptocurrency exchanges, Binance stands tall as a titan. However, a startling revelation has emerged, suggesting that Binance's initial coin offering (ICO) for BNB in 2017 was far from the success story it was believed to be.

Forbes, renowned for its investigative prowess, delved deep into the shadows, uncovering a startling truth. According to their findings, Binance's ICO for BNB, which was touted as a groundbreaking success, may have fallen far short of expectations. While Binance had initially announced raising substantial funds, the investigation suggests that the exchange might have raised less than $5 million for its native token, BNB.

The shocking revelation doesn't end there. The report also highlights that investors received a mere 10.78 million BNB, while a significant 20 million BNB found their way into the hands of angel investors. This allocation of tokens raises eyebrows and prompts questions about the transparency of the ICO.

One intriguing aspect revealed by Forbes is the possibility that Binance held onto undistributed tokens. This theory, while plausible, raises doubts, as investors typically prefer established exchanges. However, the report suggests that Binance's unique offering of using BNB for exchange fee discounts could have been a key factor in retaining investors' trust.

Perhaps the most startling statistic presented by Forbes is the claim that Binance held control over a whopping 76% of the total outstanding supply of BNB as of August 31, 2023. While the methodology behind this conclusion remains unclear, the report hints at a blend of disclosed tokens issued to the founding team and a proprietary probabilistic analysis.

Inca Digital CEO Adam Zarazinski adds another layer of mystery, suggesting that less than half of the 120 million tokens were actually distributed. These undistributed tokens seemed to circulate between various wallets, presumably under Binance's control.

Throughout this revelation, both Binance and its CEO, Changpeng Zhao, have maintained a conspicuous silence, leaving the crypto community pondering the implications of this shocking revelation.

The cryptocurrency world is no stranger to secrets and surprises, and the Binance ICO story is just one more addition to its rich tapestry. Forbes' investigation has exposed a side of the crypto giant that few knew existed, raising important questions about transparency and accountability in the industry. As the crypto community continues to evolve, this revelation serves as a stark reminder that even the biggest players may have hidden chapters in their histories, waiting to be unveiled.

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