Following the FTX crash, the event prompted many major cryptocurrency exchanges to publish proofs of reserves and lists of known addresses so that users could verify the solvency of the trading platform. While the authenticity of these proof-of-reserve lists and asset dashboards is questionable, they do provide some insight into the large number of cryptocurrencies in custody at major exchanges. For example, Binance, the largest cryptocurrency exchange by trading volume, manages $66 billion in crypto assets, accounting for more than 6% of the entire cryptocurrency economy’s $1 trillion net worth.
An examination of 5 proof-of-reserve lists that provide insight into large cryptocurrency holdings
It’s been more than 80 days since Coindesk published a report on Alameda Research’s balance sheet, which revealed that the quantitative trading arm owned a large amount of FTX Token (FTT). Then, on November 6, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his exchange would be selling its FTT holdings. Since then, FTT has lost considerable value, and FTX filed for bankruptcy five days later on November 11. At the time, before FTX collapsed, it was difficult to monitor the exchange’s reserves as executives kept things very opaque. The situation has led exchanges to publish proof-of-reserve lists and come under criticism from members of the crypto industry for the specific type of list and the way it is audited.
Additionally, SEC Acting Accountant General Paul Munter recently stated that the SEC is closely monitoring Proofs of Reserves (PORs). Despite complaints, the list of available reserve certificates provides some insight into what entities hold, and to a certain extent, they help improve market stability because one can monitor holdings. Here is a check of five different centralized crypto asset exchanges and their crypto asset holdings as of January 22, 2023, according to nansen.ai’s exchange list. Nansen provides a dashboard for 18 different centralized crypto exchange platforms.
Binance
Binance is the largest cryptocurrency exchange giant with $66 billion in digital assets in reserve. On January 22, the largest cryptocurrency exchange by trading volume held 486,427 Bitcoin ( BTC ), worth $11.1 billion. When it comes to stablecoins, Binance holds $13.2 billion in tether (USDT) and $13.3 billion in BUSD.
2023 年 1 月 22 日的 Binance 代币分配。
Additionally, Binance holds 4.7 million Ethereum worth $7.6 billion, as well as Binance Coin ( BNB ) worth $7.6 billion. The exchange also holds over $13 billion worth of other crypto assets and countless others. If Binance’s stash were included in the top 10 crypto assets by market capitalization, it would be ranked fourth.
OK
Nansen’s dashboard listing shows that cryptocurrency exchange Okx holds $7.6 billion in crypto assets. $3 billion of that amount is held in the form of Tether ( USDT ), with the exchange also holding 97,656 BTC worth $2.2 billion.
2023 年 1 月 22 日的 Okx 代币分配。
Okx holds 25.95% of its assets in Ethereum (ETH), a balance of 1.2 million Ethereum worth $1.9 billion at ETH’s current exchange rate. Additionally, Okx holds approximately $294 million in tokens (USDC).
password.com
Crypto.com had approximately $3.83 billion in assets under management on January 22, and its current holdings include 44,208 BTC worth over $1 billion. The exchange also holds 514,763 ETH, worth about $833 million on Sunday.
Crypto.com 代币分配于 2023 年 1 月 22 日。
Nansen’s Crypto.com dashboard further reveals that the trading platform has a 17.28% holding in shiba inu (SHIB). Crypto.com’s SHIB holdings include approximately 55.2 trillion SHIB, or $663 million worth of meme tokens. The trading platform also manages approximately $585 million in tokens (USDC) and 2.1 billion Cronos (CRO), worth approximately $167 million.
Bitfinex
Digital currency trading platform Bitfinex held $8 billion in crypto assets on Sunday, January 22, 2023. 54.29% of Bitfinex’s holdings are in Bitcoin ( BTC ), or approximately 191,654 BTC, worth $4.36 billion today. 28.15% of Bitfinex’s assets are held in unspent LEO tokens (LEO), or approximately $2.2 billion worth of LEO.
2023 年 1 月 22 日的 Bitfinex 代币分配。
The exchange also held 466,014 ether ( ETH ) worth $756 million on January 22. Additionally, Bitfinex manages 331 million Tether (USDT ), and 0.64% of Bitfinex’s assets, or approximately 126 million XRP, is held in reserves.
Huobi.com
Huobi held approximately $3.17 billion on January 22, with 30.91% of the assets belonging to the exchange token Huobi Token (HT). The exchange manages 196 million HT, which would be worth approximately $980 million in today’s dollars.
火币代币分配于 2023 年 1 月 22 日。
Huobi also holds 617 million tether (USDT) and 9 million tron (TRX), worth $596 million. 12.13% of Huobi’s assets are held in BTC, 5.35% are stored in ETH, and 13.35% of Huobi’s assets are among countless alternative crypto assets. The $7.7 million worth of value comes from the 57.58 million HUSD held by Huobi, accounting for 30.66% of the HUSD supply. While HUSD was once a stablecoin pegged to the U.S. dollar, HUSD now trades at $0.13 per coin.
These 5 exchanges hold $88.6 billion, accounting for 8.6% of the current dollar value of the crypto economy
The five aforementioned cryptocurrency exchanges hold a combined $88.6 billion in crypto assets. The combined value of reserves across all five exchanges is equivalent to 8.6% of the current $1 trillion crypto economy.
74.49% of the $88.6 billion is held by Binance, with the rest spread among Okx, Crypto.com, Bitfinex, and Huobi. The trading platform with the largest exchange token is Bitfinex, which holds $2.2 billion worth of LEO. Of the five exchanges mentioned, Binance holds the most Bitcoin ( BTC ) with a cache of 486,427 BTC.