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BNB, the token associated with crypto exchange Binance, has attracted additional scrutiny with a recent Forbes investigation revealing that the original Initial Coin Offering (ICO) was a flop.  The report, produced in collaboration with Gray Wolf Analytics and Inca Digital, alleges that less than 11 million of the 100 million tokens on offer were actually sold in the sale. After this failure, Binance apparently chose to double the allocation for angel investors like Matthew Roszak and Roger Ver. The report further alleges that Binance “likely raised less than $5 million,” significantly less than the $15 million that Changpeng Zhao, the founder and chief exec, bragged about on LinkedIn.  The end result of this failed ICO was, allegedly, that Binance ended up with vastly more BNB than it had planned , and as BNB has become more valuable over time, this has resulted in large financial benefits for the company. Forbes highlights in its reporting that this could be because...

Changpeng Zhao (CZ), the CEO of Binance, has refuted claims by some crypto traders suggesting that he has been selling off the bitcoin holdings in exchange for BNB in a bid to cushion the latter’s freefall. The Gary Gensler-led United States Securities and Exchange Commission’s (SEC) recent enforcement actions against Binance and Coinbase, literally tumbled the markets, with bitcoin and altcoins experiencing significant price declines. Just like every other crypto asset on the market, the price of Binance’s native BNB token dipped firmly, hitting a low of $220 on June 12. However, the asset has somehow managed to regain its bullish momentum, reaching a high of $252.8 on June 14. You might also like: Expert says US may hit Binance with criminal indictment Recall that on June 13, crypto traders with the Twitter handles @52kskew and @JW100x attributed BNB’s resurgence to Binance’s massive dumping of bitcoin (BTC) on the market in exchange for the former. Binance and C...