Speculator Hyperliquid accused Binance of hiding reserves

Pseudonymous trader James Wynn, known for his activity on Hyperliquid, accused the Binance exchange of delaying the publication of proof of reserves. He claimed that the exchange traditionally publishes them on the 1st of every month, but this time it broke the schedule. Winn interpreted this as a cause for concern.

Former Binance CEO Changpeng Zhao publicly denied the allegations, calling them FUD – “fear, uncertainty and doubt.” He explained that reserve snapshots are indeed taken on the 1st of the month, but publication can take a few days. Wynn then deleted his post and acknowledged the error.

In a proof-of-reserves report for June, Binance confirmed that all user assets are fully secured. The document indicated minimal ETH and SOL reserves in excess of liabilities. At the same time, the internal balance of BTC grew sharply.

According to the report, Binance increased its non-customer bitcoin reserves from 2,746 BTC in February to 606,080 BTC in June. This data suggests a significant strengthening of the platform’s balance sheet amid market volatility. The company noted that it continues to adhere to the policy of full transparency.

James Wynn himself has previously been in the spotlight for losses on Hyperliquid. He lost tens of millions of dollars on failed bets and even asked for donations for new deals. In addition, he promoted a token linked to accused human trafficker Andrew Tate.

Since its peak in May, this token has fallen in value by 97%. Despite this, Wynn continues to make loud statements and publish aggressive posts on social media. His attempt to spin the Binance issue attracted attention, but was quickly rebutted with a public clarification.