📉 Forbes recently conducted an investigation with Gray Wolf Analytics and Inca Digital that indicates that Binance's 2017 initial coin offering (ICO) for BNB "failed."

- According to the report, Binance has likely raised less than $5 million for its native BNB token through an ICO, which is significantly less than what was announced on the exchange's website.

- The analysis also showed that investors received only about 10.78 million BNB, while an additional 20 million BNB was transferred to angel investors.

- Forbes suggests that Binance could hold unallocated tokens, but this is unlikely as investors will not want to store them on an “unidentified” exchange.