Proof-of-Reserves Concept Gains Traction as Major Crypto Exchanges Provide Wa...
When it was first discovered that FTX might be insolvent, a large slew of crypto exchange executives said that they aimed to provide proof-of-reserves audits. While exchanges like Binance and Crypto.com have provided wallet addresses tied to company wallets, blockchain analytics firm Nansen has detailed the company is in the midst of creating a display of crypto exchange proof-of-reserves. Proof-of-Reserves Concept Pushes Proof-of-Solvency to the Forefront of Crypto Conversations Three days ago, amid the chaos surrounding FTX, a group of crypto exchange executives detailed that they....
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Similar protocols are used by Kraken, Bitmex, Gate.io, and many other exchanges, but were not used by FTX. In the wake of the FTX liquidity crisis, two major crypto exchanges have announced that they will provide Proof of Reserves, also known as Proof of Funds (PoF) within the next month. In an official tweet, OKX stated “We're hiring Armanino for auditing & will publish an auditable Merkle POF asap.” The company then listed 23 BTC addresses and 13 Ethereum addresses containing some of the exchange’s reserves.For #OKX, transparency, risk management, & consumer protection come first. We're....
"We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves," the Crypto.com CEO said. Kris Marszalek, CEO of cryptocurrency exchange Crypto.com has become the latest crypto company promising to publish "audited proof of reserves," amid the downfall of rival exchange FTX. "We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves," said Marszalek, adding that his company "will be publishing our audited proof of reserves."We share the belief that it should be necessary for crypto platforms to....
The call for a more detailed disclosure of liquidity through the use of "Proof-of-Reserves" has been backed by many high-profile industry figures. Following the liquidity crisis and acquisition of cryptocurrency exchange FTX, Binance CEO Changpeng “CZ” Zhao said his exchange will soon start a Proof-of-Reserves audit system to allow verification of its digital asset holdings.In a Nov. 8 Twitter post, Zhao pledged to implement a Proof-of-Reserve mechanism at Binance to provide “full transparency” through the use of Merkle Trees — a data structure used to encode blockchain data more....
Over the past few days, major crypto exchanges, including Binance, OKX, Kucoin and Crypto.com, committed to sharing their proof of reserve to regain investor confidence. The fall of major crypto ecosystems — such as FTX and Terra (LUNA) — this year highlighted the importance of transparency around the true reserves held by crypto exchanges and businesses. Amid the ongoing fear, uncertainty and doubt (FUD) across the crypto space, crypto exchange Bitfinex revealed its proof of reserves to the general public.Over the past few days, major crypto exchanges, including Binance, OKX, Kucoin and....
OKCoin has passed a Proof of Solvency/Proof of Reserves audit conducted by Stefan Thomas. The audit was announced on Weibo yesterday. Fellow Chinese Bitcoin exchanges, Huobi and BTC China, are also expected to release similar announcements soon. Stefan Thomas previously conducted the same Proof of Solvency/Proof of Reserve audits for Bitfinex and Kraken. Similarly, Bitstamp was able to pass an independent test and prove their solvency to BitcoinJ developer Mike Hearn. OKCoin, along with many other industry-leading Bitcoin exchanges around the world, all now believe that providing Proof of....