The investor protection fund (Secure Asset Fund for Users, SAFU) of Binance cryptocurrency exchange currently has 1 billion US dollars, but the community believes that the share of BNB tokens in it has reached 44 %, which is different from Binance’s own share. The relevance is too high to be called safe!
(Review:CZ: Many projects invested by FTX are “rescuable”!Binance to Offer Proof of Reserve PoR Soon )
(background attachment:Taiwan government releases FTX victims? Financial Supervision Commission: Foreigners do not accept control! Only to prevent money laundering, not to protect investors )
(background attachment:The FTX bankruptcy officially certified Taiwan as the “fifth worst disaster area”, second only to the United Kingdom, Singapore, and South Korea )
currencyAnn launched a series of industrial recovery strategies after the FTX thunderstorm. Yesterday evening (24th), its CEO Zhao Changpeng (CZ) even offered details of the Industrial Recovery Fund (IRI); but on the 16th, CZ had previously proposed “In the Six Commitments to the Healthy Ecology of Centralized Exchanges, it is mentioned that Binance has a high external capital fund, the investor protection fund (SAFU) of 1 billion US dollars. After for the current community to review the composition of the Binance SAFU token, There are concerns that the share of BNB is too high “not secure enough”.
More than half of Binance SAFU is BNB+BUSD
According to Binance’s relevant description page, in November, the SAFU fund has been restocked to 1 billion US dollars, and address 1 and address 2 are available for users to browse. These two wallet addresses are including asset portfolios of BUSD, BNB, and BTC. But Willy Woo, co-founder of CMSS Crest Private Equity Fund, said on the communityto expressBinance’s SAFU pool mainly consists of the currency of the BNB platform, which accounts for 44%:
Binance’s $1 billion SAFU fund consists of $36.7 million in BNB (44%), $30 million in BUSD (32%), and $27 million in BTC (24%).
While I appreciate Binance holding such a pool, it doesn’t make sense to put BNB in it with such a high correlation.
How would we feel if FTX filled the defense fund with FTT?
Binance to Offer PoR Proof of Reserve
According to CryptoQuant data, Binance currently has nearly 600,000 Bitcoin reserves on the chain, temporarily ranking first among all centralized exchanges, but Coinbase CEO Brian Armstrong also said on the 23rd that Coinbase has about 2 million Bitcoins currency.
Last night, CZ also announced the launch of Binance’s backup test, saying that the crypto industry will be more transparent than the traditional financial industry.
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CZ announced the details of the “Binance Industrial Recovery Fund IRI”: initial US$1 billion, up to US$2 billion!Public BUSD wallet address
CZ emphasizes that Binance is a “non-Chinese company”, will use 1 billion magnesium funds to buy non-performing assets, and is in contact with Genesis
