The top crypto exchange insurance funds have surged in value by mo $1 billion amid the ongoing crypto bull market.crypto exchange Binance's Secure Asset Fund for Users' gas surpassed $2.03 billion, compared to their initial balance of $1 billion in January 2022. Similarly, crypto exchange Bitget's initial $300 million protection fund, launched in November 2022, has since surged to $612 million due to the appreciation of its Bitcoin holdings.
While most exchanges have some form of insurance protection for users, only Binance and Bitget have since disclosed their on-chain addresses. In 2019, crypto exchange Huobi, now HTX,a 20,000 BTC reserve in an independent address"to cope with extreme security accidents." It is unclear if the exchange held the balance until now.