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I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?
by codetrotter 4y ago
I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?
- latchkey 4y agoI see, thanks for the correct clarification. I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%. https://cointelegraph.com/news/binance-tops-up-safu-fund-at-1-billion-amid-price-fluctuations https://cointelegraph.com/news/binance-tops-up-safu-fund-at-... "Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."
- anonymouskimmer 4y agoAnd another question is how do we know those wallets were funded with fees? We need to trust the accuracy of the proof of assets versus liabilities.