Nansen evaluates the main exchange onchain holdings in light of FTX fiasco

https://thecryptostar.co/?p=18417

Following the demise of FTX, blockchain analytics company Nansen has published an overview of the portfolios and holdings of the major cryptocurrency exchanges.

With demands for transparent reports of token holdings and assets under control, the collapse of cryptocurrency exchange FTX has brought industry peers under scrutiny.

In order to calm the wider space, major cryptocurrency exchanges including Binance, Huobi, OKX, and Crypto.com have made an effort to reveal data about their assets and portfolios. This comes after the FTX fiasco caused investor confidence to be damaged, causing users around the ecosystem to remove Bitcoin $16,806 and other tokens from exchanges to prevent possible spread.

The blockchain analytics tool Nansen, which tracks addresses across many blockchains and offers industry information, is well-known for its wallet labeling features. On Nov. 15, Nansen highlighted seven significant exchanges, their pertinent portfolios, and explanatory statements of accounts in a series of Tweets.

The total holdings in wallet addresses disclosed by the companies on the blockchains Nansen monitors make up the exchanges’ assets and net value. Additionally, the analytics tool states that the numbers may not represent “an exhaustive or full depiction of the actual assets/reserves held.”

Binance, Crypto.com, OKX, KuCoin, Deribit, Bitfinex, and Huobi are among the exchanges that have been taken into account.

The Bitcoin, Ethereum, TRON, and BNB blockchains collectively account for over $64.3 billion in assets held by Binance, which is recognized as the largest exchange in the world by transaction volume. This outshines the other exchanges by a wide margin.

According to information provided by the firm, Bitfinex has the second largest asset holdings in reserve among the seven exchanges. Across the Bitcoin, Ethereum, Polygon, TRON, Solana, Acala, Avalanche, Cosmos, Fantom, Near, Terra, and Terra Classic blockchains, $8.23 billion in assets are held.

The assets of Huobi are $3.3 billion and are spread throughout eight separate networks. According to reports, OKX is the owner of $5.84 billion worth of digital currency on the blockchains of Bitcoin, Ethereum, Polygon, Arbitrum, TRON, and Avalanche.

Seven chains of assets totaling an estimated $2.36 billion are held by Crypto.com. On eight separate blockchains, KuCoin addresses own assets totaling $2.65 billion, and Deribit is the owner of assets totaling about $1.46 billion on the Bitcoin, Ethereum, and Solana blockchains.

Co-founder and CEO of Nansen Alex Svanevik informed Cointelegraph that the company intends to release its initial analysis of the FTX issue this week. After the apocalyptic collapse of the Terra environment in May 2022, Nansen previously unpacked onchain findings.