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According to Powell, a complete proof-of-reserve audit must include the sum of client liabilities, user-verifiable cryptographic proof that each account was included in the sum and signatures proving the custodian’s control over the wallets. Go to Source Powered by WPeMatico
Bybit launching a $100 million fund and Binance’s proof of reserves might have marked the cycle low at $15,500. Go to Source Powered by WPeMatico
On Nov. 25, the largest cryptocurrency exchange in terms of daily trade volume, Binance, published its bitcoin proof-of-reserves (POR) system using The Merkle approach. At the time of writing, the snapshot provided by Binance shows the firm’s onchain reserves equate to 582,485 bitcoin, while the company’s customer net balance is roughly 575,742 bitcoin. Binance’s Bitcoin … Read more
Two weeks after its initial pledge for Merkle Tree-backed proof of funds, Binance releases its official response to liquidity transparency. Go to Source Powered by WPeMatico
Binance has committed $1 billion to a crypto industry recovery initiative to restore confidence following the collapse of crypto exchange FTX. Several other crypto companies have joined Binance’s efforts and committed capital for the recovery fund. Crypto Industry Recovery Initiative Launched Cryptocurrency exchange Binance unveiled Thursday some details of its Industry Recovery Initiative (IRI), which … Read more
Binance CEO Changpeng Zhao is aiming to stockpile $1 billion for an industry recovery fund. Go to Source Powered by WPeMatico
On Tuesday, amid the many conversations concerning crypto exchange proof-of-reserves, Kraken executive Jesse Powell shared a screenshot of coinmarketcap.com’s newly launched proof-of-reserves (POR) dashboard. Powell said he planned to be “more assertive with calling out problems,” and he stressed that a POR audit “requires cryptographic proof of client balances and wallet control.” Jesse Powell Stresses … Read more
Coinbase CEO Brian Armstrong indirectly addressed CZ’s tweets as “FUD.” Go to Source Powered by WPeMatico
According to Coinbase CEO Brian Armstrong, as of Sept. 30, 2022, the company holds 2 million bitcoin worth $39.9 billion. The news Armstrong shared comes at a time when the general public is looking directly at exchange balances following FTX’s turbulent collapse. Coinbase Co-Founder Shares Company’s Q3 Shareholder Letter — Says as of Sept. 30, … Read more
The Monetary Authority of Singapore had its reasons, and there was nothing more it could have done about the FTX threat any way, just like other national regulators. Go to Source Powered by WPeMatico
