When it was first discovered that FTX might be insolvent, a large slew of crypto
Proof-of-Reserves Concept Pushes Proof-of-Solvency to the Forefront of Crypto Conversations
Three days ago, amid the chaos surrounding FTX, a group of crypto exchange executives detailed that they planned to provide proof-of-reserves via a Merkle tree and full audits. Following the discussions, Binance disclosed the company’s hot and cold wallet addresses and Crypto.com’s CEO Kris Marszalek shared his firm’s addresses.
The blockchain analytics firm Nansen has gotten involved and the company is building a proof-of-reserves dashboard to display exchange reserves. “We are working with exchanges to display proof-of-reserves on [Nansen] for everyone to track their token holdings and transactions,” Nansen detailed on Nov. 11.
Nic Carter is pleased to see proof-of-reserves enthusiasm, saying it’s one silver lining to the FTX collapse.
Nansen shared a current list of exchange portfolios and said that it would update the thread when more exchanges joined. So far, the thread includes exchanges such as Binance, Crypto.com, Okx,
“Bitfinex also developed in the past an open-source library called Antani,” Ardoino added. “Proof of Solvency, Custody and Off-chain Delegated Proof of Vote. We plan to revive it and have a way for users to cryptographically verify their balances respecting their privacy.”
In addition to Crypto.com, Okx, Kucoin, Binance, Bitfinex, and Deribit, the crypto exchange Bybit promises to release proof-of-reserves. Cake Defi has also provided a compiled list of reserves as well. Reports further note that Huobi and Poloniex have plans to share proof-of-reserves.
Exchanges listed on Nic Carter’s proof-of-reserves list or “Wall of Fame,” include Kraken, Bitmex, Nexo, Coinfloor, HBTC,