Prior to FTX’s failure, it was difficult to keep track of the exchange’s portfolios since management was so opaque. Exchanges have released proof-of-reserve lists as a result of this scenario, and members of the cryptocurrency industry have criticized certain sorts of lists and the auditing process for them.
Alameda Research’s balance sheet, which revealed the quantitative trading desk possessed a significant quantity of ftx tokens, was the subject of a Coindesk story that was published more than 80 days ago (FTT). Following that, Changpeng Zhao (CZ), the CEO of Binance, said on November 6, 2022, that his exchange will be selling its FTT holdings. As a result of FTT’s subsequent sharp value decrease, FTX filed for bankruptcy protection 5 days later, on November 11.
This post examines five proof-of-reserves lists that give information on significant cryptocurrency exchange holdings.
The biggest crypto exchange is Binance, which has $66 billion in digital asset reserves. On January 23, the largest cryptocurrency exchange by trading volume has 486,427 bitcoins (BTC) in its possession, valued $11.1 billion. Binance has $13.2 billion in tether (USDT) and $13.3 billion in BUSD in its stablecoin portfolio.
Binance also has 4.7 million ether, valued at $7.6 billion, and another $7.6 billion in finance currency (BNB). The exchange also has more crypto assets valued at over $13 billion that are too numerous to list. BNB is currently ranked fourth out of the top ten crypto assets by market valuation.
Okx, a cryptocurrency exchange, is shown to own $7.6 billion in cryptocurrency assets in Nansen’s dashboard list. Tether (USDT) is used to hold $3 billion of the funds, and the exchange also has 97,656 bitcoins, which are worth $2.2 billion.
Ethereum (ETH), which makes up 25.95% of Okx’s assets, is now valued at $1.9 billion with a balance of 1.2 million ether. Along with this, Okx also has access to over 294 million USDC.
On January 23, Crypto.com was in charge of over $3.83 billion, and among its holdings were 44,208 BTC, which are presently worth just over $1 billion. Additionally, the exchange has 514,763 ETH, which was valued at almost $833 million.
Additionally, the trading platform maintains 17.28% of its assets in shiba inu (SHIB), according to Nansen’s Crypto.com dashboard. The meme currency is valued at around 55.2 trillion SHIB, or $663 million, according to Crypto.com’s SHIB portfolio. The trading platform also oversees 2.1 billion Cronos (CRO) and 585 million USDC, totaling approximately $167 million.
Eight billion dollars’ worth of digital assets are stored on Bitfinex as of January 23, 2023. A total of 191,654 bitcoins (BTC), or 54.29% of Bitfinex’s assets, are currently worth $4.36 billion. Approximately $2.2 billion worth of unus sed leo tokens (LEO) make up 28.15 percent of Bitfinex’s total assets.
On January 23, the exchange also had 466,014 Ethereum (ETH), which is worth $756 million. Additionally, 331 million tether (USDT) are managed by Bitfinex, and 126 million XRP, or 0.64 percent of the exchange’s total assets, are kept in reserves.
On January 23, Huobi had about $3.17 billion, with the exchange token, huobi token, accounting for 30.91 percent of its assets. The exchange is in charge of 196 million HT, or around $980 million in current USD value.
Huobi also possesses 9 million TRX and 617 million USDT, totaling $596 million. 12.13% of Huobi’s assets are in BTC, 5.35% are in ETH, and 13.35% are in other crypto assets that are too numerous to list. The 57.58 million HUSD that Huobi owns, which is 30.66% of the HUSD supply, accounts for $7.7 million of the value. While HUSD was formerly a stablecoin pegged to the US dollar, it is now worth $0.13 per coin.