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.

That valuation means the dollar total reflects both the assets counted and the prices used to value them. A change in the total alone does not establish how much token balances changed, because prices on the dates being compared also affect the calculation.