币安加密基金调整引发对行业复苏基金的担忧

币安最近将其 SAFU 基金转换为 USDC，引发了对其早期“行业复苏基金”（IRF）状况的质疑。 IRF 最初价值 11 亿美元，以 BUSD 持有，旨在支持面临流动性危机的项目。尽管币安声称获得了多个合作伙伴的支持，但公开的投资却很少。 IRF 资金的去向仍不清楚，因为币安披露的以太坊地址不再持有原来的 BUSD，并且没有提供新的披露。

Binance, the world's largest cryptocurrency exchange, has recently undertaken two significant changes to its financial reserves, sparking questions about the fate of its Industry Recovery Fund (IRF).

全球最大的加密货币交易所币安最近对其财务储备进行了两项重大调整，引发了对其行业复苏基金（IRF）命运的质疑。

SAFU Fund Conversion:

SAFU基金转换：

Binance has announced the conversion of its Secure Asset Fund for Users (SAFU) fund into the USDC token. The SAFU fund, established in 2019, serves as a pseudo-insurance mechanism intended to protect users in the event of unforeseen platform disruptions. Prior to the conversion, the SAFU fund comprised various cryptocurrencies, including BTC, USDT, BNB, and TUSD.

币安宣布将其用户安全资产基金 (SAFU) 基金转换为 USDC 代币。 SAFU 基金成立于 2019 年，作为一种伪保险机制，旨在在发生不可预见的平台中断时保护用户。在转换之前，SAFU 基金由多种加密货币组成，包括 BTC、USDT、BNB 和 TUSD。

This move has raised concerns, as it mirrors Binance's handling of the IRF. The IRF was launched in November 2022 amidst the FTX collapse, with the professed aim of assisting crypto projects facing liquidity crises. Despite an announced initial size of $1.1 billion, the IRF has remained shrouded in obscurity, with limited details about its operations and investments.

此举引发了担忧，因为它反映了币安对 IRF 的处理方式。 IRF 于 2022 年 11 月 FTX 崩溃期间推出，其宣称的目标是协助面临流动性危机的加密项目。尽管宣布的初始规模为 11 亿美元，但 IRF 仍然默默无闻，有关其运营和投资的细节有限。

Industry Recovery Fund (IRF): A Tale of Ambiguity

行业复苏基金 (IRF)：一个模糊的故事

Conceptualized by Binance CEO Changpeng Zhao, the IRF was touted as a lifeline for projects struggling in the wake of FTX's implosion. However, subsequent communications from Binance clarified that the IRF is not an investment fund but rather a platform through which individual participants, including Binance, independently evaluate and invest in distressed projects on a case-by-case basis.

IRF 由币安首席执行官赵长鹏提出，被誉为 FTX 崩溃后陷入困境的项目的生命线。然而，币安随后的沟通澄清，IRF不是投资基金，而是一个平台，包括币安在内的个人参与者可以通过该平台根据具体情况独立评估和投资陷入困境的项目。

Despite its substantial initial funding, the IRF has made few notable investments. Binance's predominant use of the fund has been to acquire a majority stake in GOPAX, a South Korean cryptocurrency exchange. The takeover remains pending regulatory approval.

尽管 IRF 拥有大量初始资金，但几乎没有进行任何值得注意的投资。币安对该基金的主要用途是收购韩国加密货币交易所 GOPAX 的多数股权。此次收购仍有待监管部门批准。

Apart from the GOPAX investment, the only publicly disclosed allocation from the IRF has been an undisclosed sum invested in 13 other projects. Only two of these projects have been identified. Binance has declined to comment on the nature and extent of other potential investments.

除了 GOPAX 投资之外，IRF 唯一公开披露的拨款是投资于其他 13 个项目的未公开金额。这些项目中仅确定了两个。币安拒绝就其他潜在投资的性质和范围发表评论。

Discrepancies in IRF Transparency and Accessibility

IRF 透明度和可访问性方面的差异

Adding to the enigma surrounding the IRF are discrepancies in the reported balance and composition of the fund. The initial $1 billion allocation was denominated in Binance USD (BUSD), a Binance-branded stablecoin. However, in March 2023, Zhao announced the conversion of the IRF's remaining balance from BUSD into BTC, BNB, and ETH.

报告的基金余额和构成存在差异，这加剧了 IRF 的神秘面纱。最初的 10 亿美元分配以币安美元（BUSD）计价，这是一种币安品牌的稳定币。然而，2023年3月，赵宣布将IRF的剩余余额从BUSD转换为BTC、BNB和ETH。

Puzzlingly, the transfer of BUSD from the Ethereum address associated with the IRF was not met by a corresponding inflow of ether into the replacement address. Binance has yet to disclose the current location or status of the IRF's funds.

令人费解的是，从与 IRF 关联的以太坊地址转移 BUSD 并没有相应的以太币流入替换地址。币安尚未透露 IRF 资金的当前位置或状态。

Appreciation in IRF Value

IRF价值升值

Despite the lack of transparency, the IRF's value has likely appreciated since its initial establishment. Since the BUSD transfer on March 13, 2023, the value of the three underlying cryptocurrencies has surged:

尽管缺乏透明度，IRF 的价值自最初成立以来可能已经升值。自 2023 年 3 月 13 日 BUSD 转账以来，三种基础加密货币的价值大幅上涨：

• Ether (ETH): $1,500 to $3,200
• Bitcoin (BTC): $22,000 to $66,000
• Binance Coin (BNB): $300 to $600

This indicates that the IRF's value has potentially doubled to over $2 billion, a development that could suggest the industry's recovery from the FTX collapse.

以太币 (ETH)：1,500 美元至 3,200 美元比特币 (BTC)：22,000 美元至 66,000 美元币安币 (BNB)：300 美元至 600 美元这表明 IRF 的价值可能翻倍至超过 20 亿美元，这一发展可能表明该行业正在从 FTX 中复苏坍塌。

Binance's opaqueness surrounding the Industry Recovery Fund has raised eyebrows, leaving industry observers to speculate on the purpose, management, and utilization of the substantial pool of funds. The questions surrounding the IRF cast a shadow over Binance's commitment to transparency and accountability.

币安围绕行业复苏基金的不透明性引起了人们的关注，让行业观察人士对大量资金池的目的、管理和利用进行猜测。围绕 IRF 的问题给币安对透明度和问责制的承诺蒙上了阴影。