[RationalDino]

Declared does not mean real. There have always been questions about the veracity of that "proof of reserves".

https://qz.com/binance-proof-of-reserves-solvency-1849884404

Do not forget. Binance operates in a space full of scammers and fraudsters. They've already admitted to money laundering at scale. After that, the question isn't whether they are dishonest. The question is how dishonest they are. The history of other crypto exchanges suggests that the appropriate prior we should start with should be heavily waited towards Ponzi scheme.