According to "Forbes" magazine, on-chain data shows that Binance embezzled $1.78 billion worth of Binance-Peg USDC collateral in August 2022, of which $1.1 billion worth of assets were transferred to high-frequency trading company Cumberland/ DRW, the remaining funds were transferred to Amber Group, Alameda Research and Justin Sun. Binance Chief Strategy Officer Patrick Hillmann said that the transfer of billions of assets between wallets is part of the normal business practices of the trading platform, but Forbes believes that it avoids the issue of transferring assets out of exchange wallets.