Binance Co-Founder Says Crypto Prices Shift Dollar Value of Reserves

Binance co-founder 何一 said cryptocurrency price changes can alter the dollar value of the exchange’s reserves, responding to an X user who questioned a claimed decline from 151 billion USDT on Sept. 29 to 127 billion USDT. In a Nov. 2 reply on X, 何一 said the estimate uses publicly disclosed proof-of-reserves data covering cold- and hot-wallet addresses. The total is calculated in dollars using cryptocurrency prices for the relevant dates, she said. She directed questions about the methodology to the relevant platform.