加密貨幣交易所保險基金在牛市中飆升超過 1B 美元

在加密貨幣多頭市場中，加密貨幣交易所保險基金飆升超過 10 億美元。 Binance的用戶安全資產基金（SAFU）已超過20億美元，而Bitget的保護基金已飆升至6.12億美元。儘管大多數交易所都提供一些保險，但只有幣安和 Bitget 披露了其鏈上地址，這引發了人們對其他交易所保險基金的透明度和完整性的質疑。

Crypto Exchange Insurance Funds Soar Amidst Market Surge

加密貨幣交易所保險基金在市場飆漲中飆升

The ongoing crypto bull market has witnessed a significant surge in the value of top exchange insurance funds, with several major platforms reporting substantial increases in their holdings.

持續的加密貨幣牛市見證了頂級交易所保險基金價值的大幅飆升，幾個主要平台報告其持有量大幅增加。

Binance's Secure Asset Fund for Users' (SAFU)

幣安用戶安全資產基金 (SAFU)

Binance, the world's leading cryptocurrency exchange, has witnessed a remarkable increase in the value of its SAFU fund, which is designed to provide insurance protection for users. As of April 3, the fund's balance exceeded $2.03 billion, representing an increase of over $1 billion since its initial $1 billion balance in January 2022. This growth can be attributed primarily to the appreciation of Bitcoin (BTC), Binance Coin (BNB), Tether (USDT), and TrueUSD (TUSD), which constitute the fund's assets.

全球領先的加密貨幣交易所幣安的SAFU基金價值顯著增長，該基金旨在為用戶提供保險保障。截至4 月3 日，該基金的餘額超過20.3 億美元，較2022 年1 月最初的10 億美元餘額增加了超過10 億美元。這一增長主要歸因於比特幣(BTC)、幣安幣( BNB)、 Tether（USDT）和TrueUSD（TUSD）構成了該基金的資產。

Bitget's Protection Fund

Bitget保障基金

Similarly, crypto exchange Bitget has reported a surge in the value of its $300 million protection fund, which was launched in November 2022. The fund has since grown to $612 million due to the appreciation of its Bitcoin holdings. Bitcoin has experienced a 136% increase in value over the past year, while BNB has gained 79.36%, contributing to the overall growth of the fund.

同樣，加密貨幣交易所 Bitget 報告稱，其於 2022 年 11 月推出的 3 億美元保護基金價值激增。由於其持有的比特幣升值，該基金已增至 6.12 億美元。比特幣在過去一年中價值增長了 136%，而 BNB 則上漲了 79.36%，為基金的整體成長做出了貢獻。

Discrepancies in Insurance Disclosures

保險披露的差異

While most crypto exchanges offer some form of insurance protection for users, only a few, including Binance and Bitget, have disclosed their on-chain addresses. This transparency allows users to verify the existence and value of these funds independently.

雖然大多數加密貨幣交易所都為用戶提供某種形式的保險保護，但只有幣安和 Bitget 等少數交易所披露了其鏈上地址。這種透明度使用戶能夠獨立驗證這些資金的存在和價值。

In contrast, crypto exchange Huobi, now known as HTX, announced a 20,000 BTC ($1.32 billion) reserve in an independent address in 2019. However, it remains unclear whether the exchange has maintained this balance until now, especially given the recent financial difficulties faced by the HTX group of companies.

相比之下，加密貨幣交易所火幣（現稱為HTX）於2019 年宣佈在一個獨立地址中儲備20,000 BTC（13.2 億美元）。然而，目前尚不清楚該交易所到目前為止是否保持了這一平衡，特別是考慮到最近面臨的財務困​​難由 HTX 集團公司。

Crypto exchange OKX has a $700 million "Risk Shield" program for user protection, but it is unclear whether this amount comprises tokens, stablecoins, fiat funds, or a combination thereof.

加密貨幣交易所 OKX 有一個價值 7 億美元的「風險盾」計畫來保護用戶，但尚不清楚這筆金額是否包括代幣、穩定幣、法定基金或其組合。

Some exchanges, such as Coinbase, offer insurance based on geographical location and the type of funds held (fiat or crypto).

一些交易所（例如 Coinbase）根據地理位置和持有的資金類型（法定貨幣或加密貨幣）提供保險。

Reasons for Withholding Disclosure

不披露的原因

Exchanges may choose not to disclose the on-chain addresses of their insurance funds for various reasons, including concerns about cybersecurity attacks. Additionally, in the case of defunct cryptocurrency exchange FTX, deception played a role in withholding such information. Former FTX CTO Gary Wang revealed that the exchange's $100 million insurance fund in 2021 was fabricated and did not contain any FTX tokens (FTT).

基於各種原因，包括擔心網路安全攻擊，交易所可能會選擇不揭露其保險資金的鏈上位址。此外，在已不復存在的加密貨幣交易所 FTX 的案例中，欺騙在隱藏此類資訊方面發揮了作用。 FTX前CTO Gary Wang透露，該交易所2021年1億美元的保險基金是捏造的，不包含任何FTX代幣（FTT）。

Regulatory Developments

監管動態

On-chain addresses only provide a partial view of an exchange's overall insurance posture, as they do not include information about off-chain liabilities. In light of this, certain jurisdictions, such as Hong Kong, have mandated that crypto exchanges provide insurance for users that covers up to 50% of their fiat and crypto assets.

鏈上地址僅提供交易所整體保險狀況的部分視圖，因為它們不包含有關鏈下負債的資訊。有鑑於此，香港等某些司法管轄區已強制要求加密貨幣交易所為用戶提供最多覆蓋其法定資產和加密資產 50% 的保險。

Related Development

相關發展

HashKey, a Hong Kong-based digital asset management company, has recently signed a Memorandum of Understanding (MOU) with multiple crypto exchanges to provide insurance against cyberattacks and theft.

總部位於香港的數位資產管理公司 HashKey 最近與多家加密貨幣交易所簽署了一份諒解備忘錄 (MOU)，以提供針對網路攻擊和盜竊的保險。