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Binance Releases Wallet Addresses of $69B Crypto Reserve
The exchange said it will share its proof-of-funds in the coming weeks.
Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 12:33 p.m.
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Binance released a list of its cold wallets and reserves a day after backing out of a deal to buy troubled crypto exchange FTX.
The crypto exchange says its holds around 475,000 bitcoin (US$7.8 billion), 4.8 million ether ($5.57 billion), 17.6 billion USDT ($17.4 billion), 601 million USDC ($607 million), as well as close to 21.7 billion of its own stablecoin BUSD (worth $21.9 billion) and 58 million of its BNB tokens (worth $16 billion).
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In total, the reserves listed had a total market value of around $69 billion, based on current market prices.
Binance also said that it will share its Merkle tree proof-of-funds in the coming weeks.
Using Merkle trees allows exchanges to store each user account’s hash value of assets in the “leaf nodes” of the Merkle tree. The second step is to audit those assets in the leaf node of the Merkle tree and verify all the users’ holdings by a third party.
Read more: Crypto Exchanges Scramble to Compile 'Proof of Reserves' as FTX Contagion Grips Markets
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