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Bitfinex Reveals Proof-of-Reserves To Avoid Being Affected By FTX Crisis

Major cryptocurrency exchanges, including Binance, OKX, Kucoin, and Crypto.com, have recently made a commitment to publish their proof of reserve to restore investor trust. Additionally, Bitfinex has responded to this “trend.”

Bitfinex Reveals Proof-of-Reserves To Avoid Being Affected By FTX Crisis 2

The list of the primary Bitfinex wallets, which was last updated on November 11, was provided by Bitfinex CTO Paolo Ardoino.

On GitHub, Ardoino posted the exchange’s proof of reserves along with a list of 135 cold and hot wallet addresses. He highlighted some of the company’s biggest holdings, including the top holders’ 204,338.17967717 BTC and 1,225,600 ETH, to save customers the hassle of looking through the addresses.

The exchange has also confirmed that it has $5.5 billion in assets and currently has no bad debt.

It is possible to see that the “good example” of FTX has caused investors in the crypto industry to reconsider the situation carefully. Besides the resignation of former CEO Sam Bankman-Fried, FTX is also facing a recent exploitation case.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.