tl;dr
Binance, the world's largest cryptocurrency exchange, is facing allegations of mishandling victims' assets and selling crypto lender Genesis' claims to offset the debts of Gopax, a South Korean crypto exchange. It is alleged that Binance used these assets to hide significant losses, and the aftermat...
Binance, the world's largest cryptocurrency exchange, is facing serious allegations of mishandling victims' assets and selling crypto lender Genesis' claims to offset the debts of Gopax, a South Korean crypto exchange. It is alleged that Binance used these assets to hide significant losses, further exacerbating the victims' financial losses.
It is alleged that Binance had initially pledged to compensate the victims of the virtual asset deposit service ‘GoFi’ for the damages incurred during the suspension of fund withdrawals. However, instead of using its own funds, Binance reportedly acquired Gopax shares at a discounted rate, becoming the company’s largest shareholder. Binance then compensated the victims by selling their asset claims at lower-than-face-value prices, effectively transferring the debt burden onto them.
The aftermath of these transactions has been particularly damaging for the victims, with the prices of virtual assets, including Bitcoin, experiencing significant surges, exacerbating the losses suffered by Gopax. Gopax’s debt, excluding previous repayments, is now estimated to be about 100 billion won, or about $73 million.
The acquisition of Gopax by Binance in February 2023 has faced scrutiny, with suspicions of potential money laundering and other illegal activities. Financial authorities in South Korea have launched investigations into the transaction, focusing on potential money laundering and illegal activities. The outcome of these investigations will have far-reaching implications for Binance, Gopax, and the cryptocurrency market in South Korea.
As the investigations unfold, Binance faces increasing pressure to clarify the circumstances surrounding the alleged misuse of victims’ assets and the sale of Genesis claims. Financial authorities are determined to prevent illegal activities and protect the interests of investors in the cryptocurrency market.
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Sector
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Price/Earnings Ratio
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Dividend Yield
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Beta
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52-Week High
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52-Week Low
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Volume
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Subindustry: In Vitro & In Vivo Diagnostic Substances
Financial Data
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Dividend Yield: None
EPS: $0.42
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Beta: 0.501
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Net Income: $0.083
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Sector: WHOLESALE-ELECTRICAL APPARATUS & EQUIPMENT, WIRING SUPPLIES
NAICS Code: 4303020000
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