If I am not mistaken, this round of the bear market will not see major exchanges experiencing runs or closures.

This is thanks to Binance's launch of on-chain proof of reserves at the end of 2022.

Binance was the first exchange to introduce on-chain proof of reserves, where users' funds are stored within Binance and clearly visible across its various wallets. This includes both mainstream cryptocurrencies and smaller tokens.

Subsequently, various exchanges followed suit.

On this basis, the space for exchanges to misappropriate user funds has diminished. Therefore, in a bear market or unexpected situations, it is difficult for users to experience a run when withdrawing funds.

After Bybit was hacked in the first half of the year, users rushed to withdraw their funds, but Bybit managed to pull through, which is an example.

Binance has played a crucial role in stabilizing the Web3 industry.

Coincidentally, after Binance donated 10,000,000 HKD to the Hong Kong fire disaster, other exchanges and institutions followed suit. Most of the donations were around 10,000,000 HKD.

Once again, Binance, leveraging its industry influence, is leading the crypto industry to release energy and warmth!