Indeed, my assumption was probably wrong. In one of the two articles I read, I didn't see the quote about it being 1:1 analysis against customer holdings. I b

Indeed, my assumption was probably wrong. In one of the two articles I read, I didn't see the quote about it being 1:1 analysis against customer holdings. I believed it included general hedging assets of the exchange. As long as the exchange is not loaning or collateralizing against these SHIB holdings, then it's nothing of concern. It does still paint a pretty bad picture of the exchange or its customers based on the huge percentage of "value" stored in a coin which has absolutely no point in even existing (but that's beside the point of my original inaccurate post).