Ethereum

2024

Launchpool

<h2 class="wp-block-heading" id="overview-of-the-incident">Overview of the Incident</h2>
<p>In a startling disclosure, Binance’s OMNI Launchpool appeared to show FDUSD <a href="https://btc-pulse.com/bipartisan-push-for-stablecoin-legislation-senator/" rel="noopener noreferrer nofollow">stablecoin </a>deposits that greatly exceeded the currency’s known circulation totals. An initial figure displayed deposits amounting to $6.37 billion in FDUSD, which was particularly alarming given that the stablecoin’s market capitalization hovers just under $4 billion.</p>
<h2 class="wp-block-heading" id="details-on-the-discrepancy">Details on the Discrepancy</h2>
<p>The situation raised eyebrows across the cryptocurrency community. FDUSD is a popular stablecoin jointly minted on the Ethereum <a href="https://twitter.com/WuBlockchain/status/1779881191929446695" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> and the Binance Smart Chain. According to latest updates from <a href="https://btc-pulse.com/paypal-usd-stablecoin-sees-circulation-drop-reports/" rel="noopener noreferrer nofollow">CoinGecko</a>, it should only have a circulating supply of $3.8 billion and $180 million on these respective platforms. The erroneously high number reported by Binance suggested an excess of approximately $2.4 billion FDUSD in circulation, triggering a wave of speculation regarding the stablecoin’s backing and the transparency of OMNI Launchpool’s operations.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">The deposit amount of FDUSD on Binance Launchpool far exceeds the issuance amount. The OMNI FDUSD pool has 197k participants, deposited exceeds 6 billion FDUSD. The official website of First Digital, the issuer of FDUSD, shows a circulation of only 3.97 billion.… <a href="https://t.co/egEK0BjfhJ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/egEK0BjfhJ</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1779881191929446695?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 15, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="binance-s-response">Binance’s Response</h2>
<p>After the discrepancy came to light, <a href="https://btc-pulse.com/binance-executive-run-nigeria-extradition-kenya/" rel="noopener noreferrer nofollow">Binance </a>acted swiftly to address the issue. They clarified that the anomalous figures were the result of a display error and confirmed that the actual amount of FDUSD deposited in the Launchpool was $3.18 billion. This quick correction helped <a href="https://btc-pulse.com/fijis-central-bank-issues-stark-crypto-investments/" rel="noopener noreferrer nofollow">stabilize </a>the situation but not before the stablecoin experienced a temporary depegging, falling to 98 cents before returning to its pegged rate of $1.</p>
<h2 class="wp-block-heading" id="market-reaction-and-recovery">Market Reaction and Recovery</h2>
<p>The news of the error caused a brief but notable fluctuation in FDUSD’s value, reflecting the sensitivity of the crypto markets to such discrepancies. Additionally, the recent integration of First Digital into the Sui <a href="https://btc-pulse.com/aelf-leads-ai-blockchain-shape-future-technology/" rel="noopener noreferrer nofollow">blockchain </a>as its first native stablecoin further complicated market dynamics, although it also marked a significant step forward for blockchain interoperability and stability.</p>
<h2 class="wp-block-heading" id="conclusion">Conclusion</h2>
<p>This incident at Binance Launchpool has highlighted the challenges and the importance of maintaining rigorous checks on digital asset reporting. The crypto community continues to monitor these developments closely, with a keen eye on ensuring transparency and integrity in the burgeoning field of digital finance.</p>

Error in FDUSD Circulating Supply Report Triggers Concerns on Binance Launchpool

Indice dei contenuti

BTC-Pulse

Altri articoli pubblicati su 16 apr 2024

GameFi ecosystem makes a comeback amid surging crypto prices

Analysis Predicts Stagnation and Recovery Phases in Altcoin Markets

DeeStream Gains Momentum Among Cosmos & Bittensor Poised to Break Twitch’s Streaming Hold

Will XRP lose its top 10 spot as Dogecoin, TON close in?

Why Does Bitcoin Drop During Times of Tension?

Solana exchange Drift confirms 100m token airdrop

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!