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.

The post Binance Reveals How Much BTC, ETH it Stores Following FTX Collapse appeared first on CryptoPotato.