In the midst of its investigation, Forbes interviewed Patrick Hillmann, Binance’s chief technique officer. Hillmann’s clarification, included within the unique story, appeared to be merely that the on-chain wallets understood to comprise backing for Binance’s stablecoins are successfully meaningless. “There was no commingling” of buyer funds, Hillman advised Forbes, as a result of “there’s wallets after which there’s a ledger.” In response to Hillman, this off-chain, inner ledger is what actually tracks belongings owned, or custodied, by Binance, with on-chain wallets appearing as, in his phrases, mere “containers.”
