{"id":271128,"date":"2022-11-16T00:30:37","date_gmt":"2022-11-15T19:00:37","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=271128"},"modified":"2022-11-15T19:09:26","modified_gmt":"2022-11-15T13:39:26","slug":"will-these-7-exchanges-proof-of-reserves-meet-the-call-for-transparency","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-these-7-exchanges-proof-of-reserves-meet-the-call-for-transparency\/","title":{"rendered":"Will these 7 exchanges&#8217; &#8216;proof of reserves&#8217; meet the call for transparency"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The downfall of FTX has induced fear among investors and traders alike. Thanks to growing distrust of crypto-exchanges, a number of them have taken steps to incorporate more transparency in their operations.<\/span><\/p>\n<p><b>On-chain proof of reserves<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain analytics firm Nansen has gathered <\/span><a href=\"https:\/\/twitter.com\/nansen_ai\/status\/1592357252404367360\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> related to the on-chain crypto-holdings of seven different crypto-exchanges from around the world. This, in order to compile a dashboard showcasing their proof of reserves in real time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exchanges whose holdings have been made available are Binance, Crypto.com, OKX, KuCoin, Deribit, Bitfinex, and Huobi Global. Here, it is important to note that Binance had <\/span><a href=\"http:\/\/ambcrypto.com\/binance-reveals-crypto-holdings-as-part-of-its-commitment-to-transparency\/\"><span style=\"font-weight: 400;\">disclosed<\/span><\/a><span style=\"font-weight: 400;\"> part of its holdings back on 10 November.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, Nansen has clarified that the holdings that have been taken into consideration do not constitute an exhaustive or complete statement of assets held by the participating exchanges.\u00a0<\/span><\/p>\n<h4><b>Assets held by exchanges<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Binance leads the pack with $64.3 billion worth of <\/span><a href=\"https:\/\/portfolio.nansen.ai\/dashboard\/binance\"><span style=\"font-weight: 400;\">crypto-holdings<\/span><\/a><span style=\"font-weight: 400;\">. These only include original assets and do not account for Binance bridge-pegged tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitfinex holds tokens on several chains including Bitcoin, Tron, Terra, Cosmos etc. As per its Nansen <\/span><a href=\"https:\/\/portfolio.nansen.ai\/dashboard\/bitfinex\"><span style=\"font-weight: 400;\">dashboard<\/span><\/a><span style=\"font-weight: 400;\">, it currently has $8.32 billion worth of crypto-assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next on the list is <\/span><a href=\"https:\/\/portfolio.nansen.ai\/dashboard\/crypto.com\"><span style=\"font-weight: 400;\">Crypto.com<\/span><\/a><span style=\"font-weight: 400;\">, an exchange that has been in the news recently for suspicious transactions worth hundreds of millions of dollars with Gate.io. This exchange\u2019s current holdings come in at $2.36 billion, with crypto on-chains including Bitcoin, Ethereum, Polygon, Optimism, among others.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/portfolio.nansen.ai\/dashboard\/okx\"><span style=\"font-weight: 400;\">OKX<\/span><\/a><span style=\"font-weight: 400;\"> currently has holdings totaling $5.8 billion. Its dashboard shows that the largest allocation as of now is Bitcoin (89,000 BTC), followed by 1 million Ether. KuCoin\u2019s <\/span><a href=\"https:\/\/portfolio.nansen.ai\/dashboard\/kucoin\"><span style=\"font-weight: 400;\">crypto-holdings<\/span><\/a><span style=\"font-weight: 400;\"> come in at $2.65 billion.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Deribit\u2019s <\/span><a href=\"https:\/\/portfolio.nansen.ai\/dashboard\/deribit\"><span style=\"font-weight: 400;\">dashboard<\/span><\/a><span style=\"font-weight: 400;\"> shows holdings worth $1.46 billion of crypto spread across Bitcoin, Ethereum and Solana chains. <\/span><a href=\"https:\/\/portfolio.nansen.ai\/dashboard\/huobi\"><span style=\"font-weight: 400;\">Huobi Global<\/span><\/a><span style=\"font-weight: 400;\"> currently has $3.31 billion worth of crypto-assets.\u00a0<\/span><\/p>\n<h4><b>Gate.io\u2019s hack comes to light<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">On-chain sleuth <\/span><a href=\"https:\/\/twitter.com\/zachxbt\/status\/1592337921922994177\"><span style=\"font-weight: 400;\">Zachxbt<\/span><\/a><span style=\"font-weight: 400;\"> revealed earlier today that Chinese crypto-exchange Gate.io fell victim to a hack back in 2018. This hack drained $230 million from the platform.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following speculation about the exchange\u2019s solvency due to the <\/span><a href=\"https:\/\/www.gate.io\/article\/28671\"><span style=\"font-weight: 400;\">suspicious transactions<\/span><\/a><span style=\"font-weight: 400;\"> made with Crypto.com, blockchain analytics firm Lookonchain posted a brief analysis of Gate.io\u2019s wallets. The <\/span><a href=\"https:\/\/twitter.com\/lookonchain\/status\/1592474981174505472\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> found that the exchange has 5 wallets containing a total of $826.3 million.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The downfall of FTX has induced fear among investors and traders alike. Thanks to growing distrust of crypto-exchanges, a number of them have taken steps to incorporate more transparency in their operations. On-chain proof of reserves Blockchain analytics firm Nansen has gathered data related to the on-chain crypto-holdings of seven different crypto-exchanges from around the<a href=\"https:\/\/ambcrypto.com\/will-these-7-exchanges-proof-of-reserves-meet-the-call-for-transparency\/\">Continue reading <span class=\"sr-only\">&#8220;Will these 7 exchanges&#8217; &#8216;proof of reserves&#8217; meet the call for transparency&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":271131,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-271128","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will these 7 exchanges&#039; &#039;proof of reserves&#039; meet the call for transparency - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Blockchain analytics firm Nansen has created dashboards of seven crypto exchanges displaying their proof of reserves.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/will-these-7-exchanges-proof-of-reserves-meet-the-call-for-transparency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will these 7 exchanges&#039; &#039;proof of reserves&#039; meet the call for transparency - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The downfall of FTX has induced fear among investors and traders alike. Thanks to growing distrust of crypto-exchanges, a number of them have taken steps\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/will-these-7-exchanges-proof-of-reserves-meet-the-call-for-transparency\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-15T19:00:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/traxer-4PljbcYIzyE-unsplash-e1668519517803.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"798\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Saman Waris\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SamanWaris11\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saman Waris\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/will-these-7-exchanges-proof-of-reserves-meet-the-call-for-transparency\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/will-these-7-exchanges-proof-of-reserves-meet-the-call-for-transparency\\\/\"},\"author\":{\"name\":\"Saman Waris\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/ad73a5a061fcfc27548aa27112d8b9d8\"},\"headline\":\"Will these 7 exchanges&#8217; 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