Binance Reveals How Much BTC, ETH it Stores Following FTX Collapse
Changpeng Zhao tweeted earlier this week that every exchange should do proof-of-reserves and stressed on the importance of transparency.
Binance has now shared a list of the major cryptocurrencies that it holds, including a set of addresses where the tokens are stored.
The leading cryptocurrency exchange stores a whopping 475,000 BTC and about 4.8 million ETH.
Other major holdings include approximately 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC, as well as some 58 million BNB tokens.
In an announcement from earlier today, the company detailed:
As part of Binance’s ongoing commitment to transparency and fostering trust in the ecosystem, we are sharing details of our hot and cold wallet adresses.
This is a starting point while we work to create a Merke tree POF (read: proof-of-reserves) that we will share with the community in the next few weeks.
The move comes amid a major setback for the entire cryptocurrency industry as FTX revealed a multi-billion hole in its balance sheet after reportedly misappropriating users’ funds.