12% of SBT is about 528,000,000 SBT.

5% of SBT is 220,000,000 SBT. We have only mined 28,000,000, which is 12%+ of the 5%.

It's explained in the FAQ, not sure where everyone is getting confused; even before the total supply change it would have been 5% = 44m and we still would not be there yet.