Binance and FTX were two of the sturdiest exchanges during the prolonged bear market. However, FTX has flipped its stance, and the empire has now fallen. CZ tried to act as the last resort for Bankman-Fried’s exchange liquidity issues. However, Binance backed out of the deal after due diligence on FTX’s financial commitments.
CZ has recently tweeted about the necessity to do “merkle-tree-proof-of-reserves.” He also stressed that Binance will begin to do proof-of-reserves for full transparency. Sticking to its commitment, Binance disclosed its hot and cold wallet balances in its recent blog.
Binance publishes its wallet balance
Amidst the fall of one of the largest cryptocurrency exchanges, the cryptocurrency community has begun questioning the safety of their funds. To foster trust in the community, Binance disclosed the details of its hot and cold wallet addresses in one of its recent blogs.
The exchange mentioned that this is the beginning point while it works to create a Merkle tree reserve proof that will be made public for the community in the next few weeks. The wallet balances are based on the snapshot taken on 10/11/2022 at 00:00 UTC.
The list includes wallet balances for BTC, ETH, BSC, BNB, and TRX:
- BTC(~475K BTC)
- ETH(~4.8M ETH)
- USDT(~17.6B USDT)
- BUSD(~21.7B BUSD)
- USDC(~601M USDC)
- BNB(~58M BNB)
Binance mentioned that a complete set of data will be provided in the full Merkle tree audit report. The initiative shows the exchange’s commitment to providing complete transparency. It also reinstates trust and confidence by showing that the customer’s funds are safe.