Binance’s Shady “Emergency Fund”

Binance’s Shady “Emergency Fund”
Binance is the world’s largest cryptocurrency exchange. In 2018, it set up an emergency fund called the “Secure Asset Fund for Users,” or SAFU, to assure customers. This fund is meant to compensate users for losses resulting from hacks or other security that is compromised. Now that the US government is zeroing in on Binance, the emergency fund has fallen by more than 10%.
At the beginning of the month it was worth about $950 but not it is somewhere around $840 million.
This fund holds bitcoin and dollar pegged cryptocurrency, but roughly half of it is a Binance created coin called BNB. My question is regarding the legitimacy and value of BNB. If BNB is worthless, then half the emergency fund is gone right there.
Binance has not released financial statements for the fund to show its assets and liabilities. Again, this is concerning.
We have seen several crypto backed funds end poorly in the past.
If we see a sharp decline in the price for BNB, this would mean stress for Binance.
Works Cited:
https://www.wsj.com/articles/binance-emergency-fund-dwindles-as-sec-takes-aim-at-the-crypto-exchange-71a0613b?mod=lead_feature_below_a_pos1
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