Crypto broker FalconX has been holding 1.35 million Solana (SOL) tokens since 2021 but didn't know who they belonged to. Now that their value has grown to $190 million, it has been revealed that these tokens belong to Binance, the largest cryptocurrency exchange. Binance recently reached out to FalconX to ask for their return.
How FalconX lost track of these assets, and why Binance failed to notice for several years, remains unclear. However, this case raises questions about the quality of accounting and control systems in the crypto space.
FalconX confirmed the existence of a "reconciliation anomaly" with Solana tokens. When the company reconciled its records with exchanges, clients, and partners, no transactions related to these tokens were found.
Binance assured that its clients' funds were never at risk, and if the tokens had not been found, the exchange would have simply written off the loss.
