幣安加密基金調整引發對產業復甦基金的擔憂

幣安最近將其 SAFU 基金轉換為 USDC，引發了對其早期「行業復甦基金」（IRF）狀況的質疑。 IRF 最初價值 11 億美元，以 BUSD 持有，旨在支持面臨流動性危機的項目。儘管幣安聲稱獲得了多個合作夥伴的支持，但公開的投資卻很少。 IRF 資金的去向仍不清楚，因為幣安披露的以太坊地址不再持有原始的 BUSD，並且沒有提供新的披露。

Binance, the world's largest cryptocurrency exchange, has recently undertaken two significant changes to its financial reserves, sparking questions about the fate of its Industry Recovery Fund (IRF).

全球最大的加密貨幣交易所幣安最近對其財務儲備進行了兩項重大調整，引發了對其行業復甦基金（IRF）命運的質疑。

SAFU Fund Conversion:

SAFU基金轉換：

Binance has announced the conversion of its Secure Asset Fund for Users (SAFU) fund into the USDC token. The SAFU fund, established in 2019, serves as a pseudo-insurance mechanism intended to protect users in the event of unforeseen platform disruptions. Prior to the conversion, the SAFU fund comprised various cryptocurrencies, including BTC, USDT, BNB, and TUSD.

幣安宣布將其用戶安全資產基金 (SAFU) 基金轉換為 USDC 代幣。 SAFU 基金成立於 2019 年，作為一種偽保險機制，旨在在發生不可預見的平台中斷時保護用戶。在轉換之前，SAFU 基金由多種加密貨幣組成，包括 BTC、USDT、BNB 和 TUSD。

This move has raised concerns, as it mirrors Binance's handling of the IRF. The IRF was launched in November 2022 amidst the FTX collapse, with the professed aim of assisting crypto projects facing liquidity crises. Despite an announced initial size of $1.1 billion, the IRF has remained shrouded in obscurity, with limited details about its operations and investments.

此舉引發了擔憂，因為它反映了幣安對 IRF 的處理方式。 IRF 於 2022 年 11 月 FTX 崩盤期間推出，其宣稱的目標是協助面臨流動性危機的加密計畫。儘管宣布的初始規模為 11 億美元，但 IRF 仍然默默無聞，有關其營運和投資的細節有限。

Industry Recovery Fund (IRF): A Tale of Ambiguity

產業復甦基金 (IRF)：一個模糊的故事

Conceptualized by Binance CEO Changpeng Zhao, the IRF was touted as a lifeline for projects struggling in the wake of FTX's implosion. However, subsequent communications from Binance clarified that the IRF is not an investment fund but rather a platform through which individual participants, including Binance, independently evaluate and invest in distressed projects on a case-by-case basis.

IRF 由幣安首席執行官趙長鵬提出，被譽為 FTX 崩盤後陷入困境的項目的生命線。然而，幣安隨後的溝通澄清，IRF不是投資基金，而是一個平台，包括幣安在內的個人參與者可以透過該平台根據具體情況獨立評估和投資陷入困境的項目。

Despite its substantial initial funding, the IRF has made few notable investments. Binance's predominant use of the fund has been to acquire a majority stake in GOPAX, a South Korean cryptocurrency exchange. The takeover remains pending regulatory approval.

儘管 IRF 擁有大量初始資金，但幾乎沒有進行任何值得注意的投資。幣安對該基金的主要用途是收購韓國加密貨幣交易所 GOPAX 的多數股權。此次收購仍有待監管部門批准。

Apart from the GOPAX investment, the only publicly disclosed allocation from the IRF has been an undisclosed sum invested in 13 other projects. Only two of these projects have been identified. Binance has declined to comment on the nature and extent of other potential investments.

除了 GOPAX 投資之外，IRF 唯一公開披露的撥款是投資於其他 13 個項目的未公開金額。這些項目中僅確定了兩個。幣安拒絕就其他潛在投資的性質和範圍發表評論。

Discrepancies in IRF Transparency and Accessibility

IRF 透明度和可近性方面的差異

Adding to the enigma surrounding the IRF are discrepancies in the reported balance and composition of the fund. The initial $1 billion allocation was denominated in Binance USD (BUSD), a Binance-branded stablecoin. However, in March 2023, Zhao announced the conversion of the IRF's remaining balance from BUSD into BTC, BNB, and ETH.

報告的基金餘額和組成存在差異，這加劇了 IRF 的神秘面紗。最初的 10 億美元分配以幣安美元（BUSD）計價，這是一種幣安品牌的穩定幣。然而，2023年3月，趙宣布將IRF的剩餘餘額從BUSD轉換為BTC、BNB和ETH。

Puzzlingly, the transfer of BUSD from the Ethereum address associated with the IRF was not met by a corresponding inflow of ether into the replacement address. Binance has yet to disclose the current location or status of the IRF's funds.

令人費解的是，從與 IRF 關聯的以太坊地址轉移 BUSD 並沒有相應的以太幣流入替換地址。幣安尚未透露 IRF 資金的當前位置或狀態。

Appreciation in IRF Value

IRF價值升值

Despite the lack of transparency, the IRF's value has likely appreciated since its initial establishment. Since the BUSD transfer on March 13, 2023, the value of the three underlying cryptocurrencies has surged:

儘管缺乏透明度，IRF 的價值自最初成立以來可能已經升值。自 2023 年 3 月 13 日 BUSD 轉帳以來，三種基礎加密貨幣的價值大幅上漲：

• Ether (ETH): $1,500 to $3,200
• Bitcoin (BTC): $22,000 to $66,000
• Binance Coin (BNB): $300 to $600

This indicates that the IRF's value has potentially doubled to over $2 billion, a development that could suggest the industry's recovery from the FTX collapse.

以太幣(ETH)：1,500 美元至3,200 美元比特幣(BTC)：22,000 美元至66,000 美元幣安幣(BNB)：300 美元至600 美元這表明IRF 的價值可能翻倍至超過20 億美元，這一發展可能表明該行業正在從FTX 中復蘇坍塌。

Binance's opaqueness surrounding the Industry Recovery Fund has raised eyebrows, leaving industry observers to speculate on the purpose, management, and utilization of the substantial pool of funds. The questions surrounding the IRF cast a shadow over Binance's commitment to transparency and accountability.

幣安圍繞行業復甦基金的不透明性引起了人們的關注，讓行業觀察人士對大量資金池的目的、管理和利用進行猜測。圍繞 IRF 的問題給幣安對透明度和問責制的承諾蒙上了陰影。