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Binance Allegedly Wrote the Code for WLFI’s Stablecoin USD1
In a recent revelation, it has been alleged that Binance, the world’s leading cryptocurrency exchange by trading volume, was involved in writing the foundational smart contract code for World Liberty Financial’s (WLFI) stablecoin, USD1. This development raises significant concerns about potential conflicts of interest and raises questions about the role Binance played in this project.
According to Bloomberg News, three sources familiar with the matter have revealed that Binance allegedly supported crypto projects tied to the Trump family while privately seeking a pardon from Donald Trump, the 47th President of the United States. This new stablecoin, USD1, has garnered significant attention as it is being issued by WLFI, a company affiliated with former US President Donald Trump.
The revelation further highlights the close ties between Binance and World Liberty Financial, as it was previously reported that MGX, a UAE-based entity, invested $2 billion in Binance through USD1. Moreover, an analysis of blockchain data reviewed by Bloomberg shows that approximately 90% of USD1’s total supply is held in Binance wallets.
The development has sparked widespread criticism from ethics experts, who have raised concerns about potential conflicts of interest and the lack of transparency surrounding Binance’s involvement in this project. Richard Painter, a former chief ethics counsel under President George W. Bush, emphasized that “we have never had this since the Civil War: a president whose personal financial interests conflicted with his official duties.”
The story has also drawn attention to the role played by Changpeng Zhao, the former CEO and co-founder of Binance. Zhao’s pardon request during an interview on Farokh Radio has been linked to the project, with sources indicating that he privately sought a presidential pardon.
In conclusion, it is essential for investors and stakeholders in the cryptocurrency space to carefully review the details of this report and assess its potential implications on their investments.
Source: cryptoslate.com
