You would have to be residing under a rock if you have not heard of the Binance and FTX saga that shook the entire crypto industry last week, with Binance ultimately emerging victorious while FTX was left bloodied, battered, and filing for bankruptcy.
The aftermath? Crypto exchanges are left scrambling to publicly release their proof-of-reserves (PoR) audit so as to increase transparency and reassure users. Most of the major crypto exchanges have published their PoR with others intending to.
Updated List:
1)Binance
Chaopeng Zhao (CZ) tweeted on 10 November that Binance had published cold wallet addresses and balances for six of their 600 coins with more to come. Binance tweeted the same shortly before CZ.
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On 12 November, Binance released a statement stating that they have published their PoR disclosing $69B in assets.
In CZ’s Ask-Me-Anything (AMA) session on 14 November, he mentioned that he spoke to Vitalik Buterin, who “wants to come up with some type of new proof-of-reserves protocol and use Binance as a guinea pig, or the first test case.” He added, “He’s quite excited about it, and we are connecting our teams to do that. Roughly, we can expect a timeline of about a couple of weeks, and this is the reason why we published all our cold wallet addresses so that people can see them directly.”
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Based on the blockchain analytics platform Nansen, at the time of writing, Binance’s total assets are worth over $51B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/binance
2) OKX
OKX tweeted on 12 November that they have worked together with Nansen to come up with a portion of their PoR and wallet addresses.
CEO of OKX, Jay Hao, posted on 16 November stating that OKX will continue to collaborate with partners, starting with Nansen dashboard and PoR with a 3rd party auditor ─ this was posted in reponse to his 12 November tweet.
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Based on the blockchain analytics platform Nansen, at the time of writing, OKX’s total assets are worth a little over $6B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/okx
3) Crypto.com
Kris Marszalek, CEO of Crypto.com tweeted on 11 November and shared their cold wallet addresses for some of their top assets on the platform. He went on to confirm that a fully audited PoR will be coming in the next couple of weeks.
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Based on the blockchain analytics platform Nansen, at the time of writing, Crypto.com’s total assets are worth a little under $2.4B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/crypto.com
4) KuCoin
Johnny Lyu, CEO of KuCoin, tweeted on 9 November that they will release a Merkle tree PoR in a month’s time or so. Just two days later, he went on to share on his twitter the overview of some of KuCoin’s hot and cold wallet addresses. A day later, he tweeted that “Everyone can now see part of our wallets on the Nansen dashboard”; KuCoin’s Twitter account did the same as well.
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Based on the blockchain analytics platform Nansen, at the time of writing, KuCoin’s total assets are worth almost $2.6B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/kucoin
5) Deribit
Deribit retweeted Nansen’s tweet on 12 November on their current holdings, then a day later they included the link to the Nansen dashboard in their tweet.
Based on the blockchain analytics platform Nansen, at the time of writing, Deribit’s total assets are worth over $1.3B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/deribit
6) Bitfinex
Bitfinex announced the release their PoR via a tweet on 12 November; available on their GitHub.
Based on the blockchain analytics platform Nansen, at the time of writing, Bitfinex’s total assets are worth close to $8B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/bitfinex
7) Huobi
Huobi said that disclosing the assets held in reserves aids in boosting users’ confidence in the exchange.
Huobi, along with ByBit, announced their cold wallet reserves, according to Wu Blockchain’s tweet.
Based on the blockchain analytics platform Nansen, at the time of writing, Huobi’s total assets are worth close to $3B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/bitfinex
8) ByBit
CEO of ByBit, Ben Zhou, tweeted on 9 November that they are working on the Merkle tree PoR solutions. Then on 17 November, ByBit’s Twitter account announced that with the assistance of Nansen, they have disclosed their main user asset wallets.
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Based on the blockchain analytics platform Nansen, at the time of writing, ByBit’s total assets are worth over $1.8B.
(The first five) Source: https://portfolio.nansen.ai/dashboard/bybit
9) Kraken
Kraken’s PoR report from August, attested that “Kraken retained custody over a sufficient amount of the in-kind assets to cover the in-scope client liabilities as observed within the database related to Kraken’s spot exchange.”
On 8 November, Kraken tweeted that their semi-annual PoR audits ensure more accountability, transparency, and security. The exchange replied with a link to a page instructing users how to access PoR via their Kraken account when asked about their reserves and audits. Kraken’s audits show that all individual accounts have been audited though it does not permit users to see the overall reserves of the exchange.
10) Coinbase
CEO of Coinbase, Brian Armstrong, tweeted a long thread detailing about the assets and reserves within the exchange, and assures that the assets kept with the firm are completely secure and backed one to one.
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11) Gate.io
Gate.io tweeted on 15 November that they have been conducting PoR audits since 2020 and the audited amount of ETH stands at 269,035.
Refer to the below or:
- https://proof-of-reserves.trustexplorer.io/clients/gate.io
- https://www.gate.io/es/article/28692
12) MEXC Global
MEXC Global tweeted on 10 November that they have started to prepare the Merkle tree reserve certificate, and will release the relevant data soon.
13) BitMEX
BitMEX tweeted on 10 November thqat a simple list of reserves will suffice. Then on 16 November, they tweeted that they have published another snapshot of their PoR and proof-of-liabilities. See this: https://blog.bitmex.com/bitmex-bitcoin-proof-of-reserve-proof-of-liability-system-now-live/
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