Bitunix Raises Care Fund to $50M USDC, Publishes On-Chain Address
The exchange added $20 million in USDC to its user-protection reserve and disclosed a new blockchain address for tracking it.
Crypto exchange Bitunix has increased its Care Fund from $30 million to $50 million in USDC, a $20 million addition to the reserve it describes as available to support users in exceptional situations.
The company also published a new on-chain address for the fund, giving users and outside observers a way to monitor the reserve's balance directly on the blockchain rather than relying solely on company statements.
Limited detail on how funds are used
The announcement did not set out the criteria for accessing the fund, how claims would be assessed, or a timeline for when support would be extended. No independent party was named as a custodian or attestor of the reserve, and the disclosure did not state whether the USDC is held in segregated accounts.
Exchange-run protection funds have become a common feature of the industry, though their scope varies widely: some cover specific exploit scenarios, while others function as general-purpose reserves. Publishing an on-chain address allows a balance to be verified, but does not by itself show who controls the wallet or whether the funds are ring-fenced from the exchange's operating capital.