Exchanges scramble to reassure users

In a bid to avoid a bank run-like situation, major exchanges have made announcements to calm down users. Earlier today, Coinbase CEO Brian Armstrong tweeted a detailed thread outlining the steps taken by his company to ensure the security of user funds.

Soon after inking a non-binding acquisition deal with FTX, Binance CEO Changpeng Zhao took to Twitter, calling for enhanced transparency among crypto-exchanges. This was followed by a commitment to implement proof-of-reserve in the spirit of full transparency.

Binance SAFU topped up to $1 Billion

Within a few hours of committing to full transparency, Binance CEO CZ announced that the exchange’s Secure Asset Fund for Users (SAFU) had been replenished, taking its holdings to $1 billion.