During the prolonged bear market, Binance and FTX were two of the most stable exchanges. However, FTX has reversed its position, and the empire has now collapsed. CZ attempted to serve as a last resort for Bankman-exchange Fried’s liquidity problems. Binance, on the other hand, backed out of the deal after conducting due diligence on FTX’s financial commitments.
CZ recently tweeted about the importance of “merkle-tree-proof-of-reserves,” and emphasized that Binance will begin to do so for full transparency. Binance kept its promise by disclosing its hot and cold wallet balances in a recent blog post.
As per the data collected from Nansen, a crypto-analytics platform, Binance now holds $70,675,000,000 in its reserve.
Binance has over $70,675,000,000 in its reserve
As per the details from Nansen, CZ’s exchange now holds $70,675,000,000 in its reserve, showing its commitment to transparency. The data shows that 32.99% of the assets are in BUSD, 22.92% in USDT, 10.22% in ETH, 8.97% in BTC, 8.60% in BNB, and 16.29% in other tokens.
The revelation comes to light as a part of the recent downfall of the crypto behemoth FTX which went through a liquidity issue recently. To add to the ongoing trouble, FTX has reportedly suffered a hack.
Administrators of FTX Telegram have confirmed that the exchange was compromised late on Friday night. The FTX website “might download Trojans,” which could have an impact on users’ portfolios, the Telegram admins warned users. In addition, the hack experienced enigmatic outflows of almost $600 million just hours after filing for Chapter 11 bankruptcy.