Crypto sleuths investigating the US Treasury General Account (TGA), drew a parallel between US Treasury Department’s actions and that of Binance when they sold $1 billion of the Industry Recovery Fund in Q1 2023.
Binance Says They Had Propped Liquidity In Q1 2023
In Q1 2023, there were suspicions that Binance, the world’s largest cryptocurrency by trading volumes and client count, was propping up liquidity in the cryptocurrency market.
The speculation of potential market manipulation by Binance gained more traction when Changpeng Zhao, the CEO of Binance, converted a staggering $1 billion worth of Binance USD (BUSD) from the Binance’s industry fund to Bitcoin (BTC), Ethereum (ETH), and Binance coin (BNB).
Related Reading: Gemini And Genesis File Motion To Dismiss SEC Lawsuit Over Defunct Earn Offering
This move artificially injected buying pressure into the market, forcing the Bitcoin price to…
