A survey report released by Forbes on October 5th found that Coin On may have seriously exaggerated the success of the 2017 Coin On Coin (BNB) ICO.According to the report, Zhao Changpeng, the founder and CEO of Coin An, began conceptualizing BNB in June 2017 and released a white paper on the asset
A survey report released by Forbes on October 5th found that Coin On may have seriously exaggerated the success of the 2017 Coin On Coin (BNB) ICO.
According to the report, Zhao Changpeng, the founder and CEO of Coin An, began conceptualizing BNB in June 2017 and released a white paper on the asset. Coin An finally completed BNBICO on June 7, 2017, when Zhao Changpeng announced the successful issuance. Zhao also made a more specific statement: he claimed that ICO had raised a total of $15 million and stated that the average price of BNB was $0.15 per token.
The white paper of Coin An also provides a detailed introduction to the distribution of tokens, stating that 200 million BNB tokens will be minted. Among them, 80 million tokens are specifically used for Coin An and its executives, 20 million tokens are used for angel investors, and 100 million tokens are used for ICO investors.
However, according to the report, the actual allocation tells a different story, discovering that ICO investors actually received 10.78 million BNB instead of 100 million BNB - approximately 1/10 of the amount they allegedly received. Some suggest that Coin An raised nearly $5 million in funds during this issuance period, instead of $15 million.
In addition, angel investors received double the allocation of tokens, actually reaching 40 million instead of 20 million BNB tokens.
Coin An can control billions of dollars in BNB
The modified sales results mean that Coin An can hold a huge amount of value - up to 65 million unsold tokens and 80 million BNBs allocated by itself.
Blockchain analysis shows that Coin An and its members continue to control additional tokens. The conclusion is:
All the suspicious coin Anwallets we listed hold 63.1 million BNBs, worth $15.7 billion. Combining with known wallets, Coin An controls 116.9 million tokens worth $27.3 billion.
Currently, BNB has a market value of $33 billion, ranking fourth in cryptocurrencies.
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