在市场牛市中，加密货币交易所保险基金飙升至十亿美元里程碑

在加密货币牛市中，币安和Bitget的保险资金大幅增值。 Binance 的用户安全资产基金 (SAFU) 目前持有超过 20.3 亿美元，而 Bitget 最初的 3 亿美元保护基金已达到 6.12 亿美元。虽然 Coinbase 和 OKX 等其他交易所提供保险，但他们可能不会完全披露其链上地址。交易所不愿披露其持仓量可能源于对网络安全攻击的担忧，或者就 FTX 而言，是出于对欺骗的担忧。尽管保险资金有所增加，但值得注意的是，仅链上地址并不能提供交易所总体负债的全面情况。

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

加密货币交易所保险基金在牛市中飙升，突破 10 亿美元里程碑

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.

持续的加密货币牛市见证了顶级加密货币交易所保险基金价值的大幅飙升，总价值超过10亿美元。截至 4 月 3 日，币安用户安全资产基金 (SAFU) 中持有的比特币 (BTC)、币安币 (BNB)、Tether (USDT) 和 TrueUSD (TUSD) 余额合计超过 20.3 亿美元，较最初的增长显着2022 年 1 月余额为 10 亿美元。

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.

同样，另一家领先的加密货币交易所 Bitget 自 2022 年 11 月推出以来，其保护基金呈指数级增长。该基金最初估值为 3 亿美元，由于其持有的比特币升值，目前已达到 6.12 亿美元。比特币价值的飙升在过去一年里上涨了136%，而BNB则上涨了79.36%，这对这一增长做出了巨大贡献。

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.

虽然大多数加密货币交易所都为其用户提供某种形式的保险保护，但币安和 Bitget 是仅有的两家公开披露其链上地址的交易所。 2019年，火币（现称为HTX）宣布在独立地址设立20,000 BTC（13.2亿美元）储备金，以“应对极端安全事故”。然而，目前尚不清楚该交易所迄今为止是否保持了这种平衡，特别是考虑到 HTX 集团最近容易受到攻击，导致重大财务损失。

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货币交易所，它运营着价值 7 亿美元的“风险盾”计划来保护用户。然而，该基金的构成仍然不透明，留下了关于它是否包含代币、稳定币、法定基金或其组合的疑问。一些交易所（例如 Coinbase）提供的保险范围受到地理限制和用户资金性质（法定或加密货币）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.

交易所不愿披露其持有的链上地址可能源于多种因素，包括对网络安全风险的担忧。然而，就现已解散的 FTX 交易所而言，这种不透明与欺骗有关。 2022 年 10 月，FTX 前 CTO Gary Wang 向执法部门透露，该交易所所谓的 2021 年 1 亿美元保险基金完全是捏造的，不包含任何 FTX 原生 FTT 代币。 FTX的保险基金旨在在市场极端波动的情况下保护用户资产，其价值在交易所网站和社交媒体平台上频繁宣传。

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，链上地址仅提供了交易所保险基金的部分信息，忽略了链下负债等关键信息。香港等司法管辖区已采取措施解决这一问题，要求加密货币交易所提供覆盖用户持有的法定资产和加密资产高达 50% 的保险。

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.

总而言之，加密货币交易所保险基金的激增证明了该行业的日益成熟。尽管透明度和问责制仍然至关重要，但交易所必须在保护用户资金和降低潜在风险之间取得平衡。随着监管框架的发展，交易所可能会面临越来越大的压力，要求提高保险资金的透明度和可及性，确保在不断变化和波动的市场中保护用户的资产。