Yesterday, Binance released the latest reserve data. The reserve ratio for major assets is all ≥100%. The cool part is that you can independently verify whether your assets are included, and it doesn’t compromise your privacy. This is the charm of Merkle Tree and zk-SNARK technology. Speaking of this, it reminds me of FTX. A few days ago, I watched an interview between @PhyrexNi Ni Da and Can Ge, where they mentioned how FTX’s reserve interface back then was completely fake. The guy with the crazy hair practically drained the exchange, pushing its liabilities to $9 billion while its liquid assets were only a few hundred million. Since then, major exchanges have started implementing the Merkle Tree plan, and so far, Binance seems to be doing a good job. Every reserve data point can be verified. I checked my personal assets, and yep, still A1. Feeling reassured!