Bitfinex CTO releases proof of reserves amid FTX bankruptcy fiasco
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....
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"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....
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....
A new report from the Bitcoin Policy Institute discusses why the industry needs to adopt proof of reserves following the bankruptcy of FTX exchange.
During the last week, the crypto community has been dealing with the demise of FTX and its affiliated crypto businesses, and ever since then, the proof-of-reserves topic has found its way to the forefront of conversations. Another silver lining to the fiasco is the fact that cryptocurrency enthusiasts have removed large quantities of bitcoin and ethereum from centralized trading platforms. Seven-day statistics from cryptoquant.com indicate that more than $3.4 billion in bitcoin has been removed from exchanges since Nov. 7, 2022. More Than $3.4 Billion in Bitcoin Has Been Removed From....
As we venture into the year 2022, Proof of Reserves is emerging from a niche concept into a fledgling industry standard.