The world's largest cryptocurrency exchange has found itself at the epicenter of an unprecedented scandal. New Binance CEO Richard Teng has made a statement that has literally shaken the entire crypto community: it turns out that fees for sending USDT via the TRC-20 network could have been refunded all along — but the platform chose to keep them.
According to internal sources, the mechanism worked as follows: when sending USDT via the TRON network (TRC-20), users paid a fee that, per protocol design, should have been returned to the sender after transaction confirmation. However, Binance intercepted these funds through an internal routing system and redirected them to its own operational accounts.
Users were entitled to a refund of these funds from day one. We discovered that the system was intentionally configured to retain fees. Every wallet can now request a refund for the entire history of usage.
Richard Teng, CEO BinanceThe scale of the problem is staggering. According to preliminary estimates, we are talking about billions of dollars that were distributed across more than 150 million user accounts worldwide. This is not just a technical glitch — it was a systemic decision made at the highest levels of company leadership.