在市場多頭市場中，加密貨幣交易所保險基金飆升至十億美元里程碑

在加密貨幣牛市中，幣安和Bitget的保險資金大幅增值。 Binance 的用戶安全資產基金 (SAFU) 目前持有超過 20.3 億美元，而 Bitget 最初的 3 億美元保護基金已達到 6.12 億美元。雖然 Coinbase 和 OKX 等其他交易所提供保險，但他們可能不會完全披露其鏈上地址。交易所不願透露其持倉量可能源於對網路安全攻擊的擔憂，或者就 FTX 而言，是出於對欺騙的擔憂。儘管保險資金增加，但值得注意的是，僅鏈上地址並不能提供交易所整體負債的全面情況。

Crypto Exchange Insurance Funds Soar Amidst Bullish Market, Surpassing $1 Billion Milestone

加密貨幣交易所保險基金在牛市飆升，突破 10 億美元里程碑

The ongoing crypto bull market has witnessed a significant surge in the value of top crypto exchange insurance funds, with the total value surpassing $1 billion. As of April 3, the combined Bitcoin (BTC), Binance Coin (BNB), Tether (USDT), and TrueUSD (TUSD) balances held in Binance's Secure Asset Fund for Users (SAFU) exceeded $2.03 billion, a remarkable increase from its initial balance of $1 billion in January 2022.

持續的加密貨幣牛市見證了頂級加密貨幣交易所保險基金價值的大幅飆升，總價值超過10億美元。截至4 月3 日，幣安用戶安全資產基金(SAFU) 中持有的比特幣(BTC)、幣安幣(BNB)、Tether (USDT) 和TrueUSD (TUSD) 餘額合計超過20.3 億美元，較最初的成長顯著2022 年 1 月餘額為 10 億美元。

Similarly, Bitget, another leading crypto exchange, has seen its protection fund grow exponentially since its launch in November 2022. Initially valued at $300 million, the fund has now reached $612 million due to the appreciation of its Bitcoin holdings. The surge in Bitcoin's value, which has appreciated by 136% in the past year, and BNB, which has gained 79.36%, has significantly contributed to this growth.

同樣，另一家領先的加密貨幣交易所Bitget 自2022 年11 月推出以來，其保護基金呈指數級增長。該基金最初估值為3 億美元，由於其持有的比特幣升值，目前已達到6.12億美元。比特幣價值的飆昇在過去一年上漲了136%，而BNB則上漲了79.36%，這對這一增長做出了巨大貢獻。

While most crypto exchanges offer some form of insurance protection for their users, Binance and Bitget stand out as the only two exchanges that have publicly disclosed their on-chain addresses. In 2019, Huobi, now known as HTX, announced the establishment of a 20,000 BTC ($1.32 billion) reserve in an independent address to "cope with extreme security accidents." However, it remains unclear whether the exchange has maintained this balance to date, particularly given the HTX group's vulnerabilities to recent exploits, which resulted in significant financial losses.

雖然大多數加密貨幣交易所都為其用戶提供某種形式的保險保護，但幣安和 Bitget 是僅有的兩家公開披露其鏈上地址的交易所。 2019年，火幣（現稱為HTX）宣佈在獨立地址設立20,000 BTC（13.2億美元）儲備金，以「應對極端安全事故」。然而，目前尚不清楚該交易所迄今是否保持了這種平衡，特別是考慮到 HTX 集團最近容易受到攻擊，導致重大財務損失。

OKX, another prominent crypto exchange, operates a $700 million "Risk Shield" program for user protection. However, the composition of this fund remains opaque, leaving questions about whether it comprises tokens, stablecoins, fiat funds, or a combination thereof. Some exchanges, like Coinbase, provide insurance coverage subject to geographical restrictions and the nature of user funds (fiat or crypto).

OKX 是另一家著名的加密貨幣交易所，它經營著價值 7 億美元的「風險盾」計畫來保護用戶。然而，該基金的組成仍然不透明，留下了關於它是否包含代幣、穩定幣、法定基金或其組合的疑問。一些交易所（例如 Coinbase）提供的保險範圍受到地理限制和用戶資金性質（法定或加密貨幣）的限制。

Exchanges' reluctance to disclose the on-chain addresses of their holdings can stem from various factors, including concerns over cybersecurity risks. However, in the case of the now-defunct FTX exchange, such opacity has been linked to deception. In October 2022, FTX's former CTO, Gary Wang, revealed to law enforcement that the exchange's purported $100 million insurance fund in 2021 was entirely fabricated and contained none of FTX's native FTT tokens. FTX's insurance fund was intended to safeguard user assets in the event of extreme market volatility, and its value was frequently promoted on the exchange's website and social media platforms.

交易所不願揭露其持有的鏈上位址可能源自多種因素，包括對網路安全風險的擔憂。然而，就現已解散的 FTX 交易所而言，這種不透明與欺騙有關。 2022 年 10 月，FTX 前 CTO Gary Wang 向執法部門透露，該交易所所謂的 2021 年 1 億美元保險基金完全是捏造的，不包含任何 FTX 原生 FTT 代幣。 FTX的保險基金旨在在市場極端波動的情況下保護用戶資產，其價值在交易所網站和社交媒體平台上頻繁宣傳。

Moreover, on-chain addresses provide only a partial glimpse into exchange insurance funds, omitting crucial information such as off-chain liabilities. Jurisdictions like Hong Kong have taken steps to address this by mandating crypto exchanges to provide insurance coverage that covers up to 50% of both fiat and crypto assets held by users.

此外，鏈上地址僅提供了交易所保險基金的部分信息，忽略了鏈下負債等關鍵信息。香港等司法管轄區已採取措施解決此問題，要求加密貨幣交易所提供涵蓋用戶持有的法定資產和加密資產高達 50% 的保險。

In conclusion, the surge in crypto exchange insurance funds is a testament to the growing maturity of the industry. While transparency and accountability remain paramount, exchanges must strike a balance between protecting user funds and mitigating potential risks. As regulatory frameworks evolve, exchanges will likely face increasing pressure to enhance the transparency and accessibility of their insurance funds, ensuring the protection of users' assets in an ever-changing and volatile market.

總而言之，加密貨幣交易所保險基金的激增證明了該行業的日益成熟。儘管透明度和問責制仍然至關重要，但交易所必須在保護用戶資金和降低潛在風險之間取得平衡。隨著監管框架的發展，交易所可能會面臨越來越大的壓力，要求提高保險資金的透明度和可及性，確保在不斷變化和波動的市場中保護用戶的資產。