Is Binance making up the rules?

When you’re the world’s largest crypto exchange in a largely unregulated market, it is easy to make up the rules as you go. In its latest backroom maneuver, Binance transferred $1.8 billion in stablecoin collateral to hedge funds, including Alameda and Cumberland/DRW, leaving its other investors exposed.

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How did Binance transfer $1 billion in USDC tokens to Cumberland?

On August 17, Binance processed the transfer of $1 billion in USDC tokens to Cumberland by emptying $1.78 billion in USDC tokens from the peg wallet. In quick succession, Binance forwarded the USDC tokens to the Binance 8 wallet, and from there sent the entire sum to the Binance 14 hot wallet.

How much will Binance's recovery fund cost?

In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at a point in time in the future “if the need arises,” the company added.