After the collapse of FTX, the incident prompted many major crypto exchanges to publish a list of reservations and known addresses so that users could verify the efficiency of their trading platforms.While the accuracy of these checklists and asset dashboards is debatable, they do provide some insight into the large sums of cryptocurrency held by major exchanges.For example, Binance, trading volume, the largest cryptocurrency exchange, manages $ 66 billion in crypto assets, which is more than 6% of the net value of the entire cryptocurrency economy of $ 1 trillion.
Check out 5 proof-of-concept listings that provide insight into large cryptocurrency holdings
More than 80 days have passed since Coindesk published Alameda Research’s balance sheet history, which showed that Quant Trading Desk had a large amount of ftx tokens (FTT).Then on November 6, 2022, Binance CEO Changpeng Zhao (CZ) announced that his exchange would sell FTT holdings.Since then, FTT has lost significant value and FTX filed for bankruptcy protection five days later on November 11.
Back then and before the FTX crash, tracking the exchange’s stock was a challenge because executives kept things very vague.This situation has led exchanges to release proof-of-concept checklists and has drawn criticism from members of the crypto industry over certain types of checklists and how they are audited.
Additionally, US Securities and Exchange Commission (SEC) Acting Chief Accountant Paul Munter stated that the SEC is closely monitoring Proofs of Reserve (POR).
Despite the complaints, the holdings’ confirmation lists provide some insight into what entities hold and to some extent, help improve market stability as people can track holdings.
The following is an examination of five different centralized crypto asset exchanges and holdings in crypto assets as of January 22, 2023, according to the nansen.ai exchange listing.Nansen has a dashboard for 18 different centralized crypto exchange platforms.
Binance
Binance is the largest crypto exchange giant with $66 billion in digital assets in reserve.On January 22, the largest crypto exchange held a trading volume of 486,427 bitcoin (BTC), the value of which is 11.1 billion dollars.In terms of stablecoins, Binance holds $13.2 billion in BUSD and $13.3 billion in Tether (USDT).
In addition, Binance holds 4.7 million ether worth $7.6 billion, and another $7.6 billion worth of binance coin (BNB).
The exchange holds more than $13 billion worth of other crypto assets too numerous to name.If Binance’s stash were included in the top ten crypto assets by market value, it would rank fourth.
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Nansen’s dashboard listing shows that crypto exchange Okx holds $7.6 billion in crypto assets.Of the funds, $3 billion is held in Tether (USDT), and the exchange holds 97,656 BTC, $2.2 billion.
25.95% of Okx’s assets are held in ethereum (ETH), or 1.2 million ether, worth $1.9 billion, using current exchange rates for ETH.In addition, Okx holds approximately 294 million US dollars (USD coins).
Crypto.com
Crypto.com manages around $3.83 billion as of January 22nd, and its holdings currently include 44,208 BTC, which is over $1 billion.
The exchange holds 514,763 ETH, which is worth around $833 million on Sunday.
Nansen’s Crypto.com dashboard also shows that the trading platform owns 17.28% of Shiba Innu (SHIB).Crypto.com’s SHIB holdings include about 55.2 trillion SHIB, or $663 million worth of tokens.The trading platform manages 585 million US dollars (USD coins) and 2.1 billion Kronos (CRO), worth about 167 million dollars.
Bitfinex
Digital currency trading platform Bitfinex on Sunday, January 22, 2023 holds 8 billion dollars in crypto assets.54.29% of Bitfinex’s holdings are in bitcoin (BTC) or 191,654 BTC, which is worth $4.36 billion today.28.15% of Bitfinex’s assets are held in the US seed Leo Token (LEO), or around $2.2 billion.
The exchange held 466,014 ethereum (ETH) worth $756 million on January 22nd.
In addition, Bitfinex has 331 million Tether (USDT) and 0.64% of Bitfinex assets or about 126 million XRP held in reserves.
Huobi
Huobi has about 3.17 billion dollars on January 22, and 30.91% of its assets are in the exchange coin, huobi token (HT).The exchange manages 196 million HT, which is roughly $980 million at today’s USD rate.
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 held in ETH, and 13.35% of Huobi’s assets are in alternative crypto assets too numerous to name.
The $7.7 million value comes from the 57.58 million HUSD Huobi holds, which is 30.66% of the HUSD supply.While HUSD was once a stable coin pegged to the US dollar, HUSD now trades at $0.13 per coin.
The 5 exchanges hold $88.6 billion or 8.6% of the current US dollar value of the Crypto Economy.
All five cryptocurrency exchanges mentioned above hold $88.6 billion in crypto assets.The combined value of all five exchanges’ holdings is equivalent to 8.6% of the current $1 trillion crypto economy.
Of the $88.6 billion, 74.49% is held on Binance, while the rest is spread between Okx, Crypto.com, Bitfinex and Huobi.The trading platform with the largest exchange token coins is Bitfinex, LEO worth $2.2 billion.
Of the five exchanges mentioned, Binance holds the most Bitcoin (BTC) with a cache of 486,427 BTC.
What do you think about the recent trend of crypto exchanges publishing checklists and asset dashboards? Are you concerned about the accuracy of these details? Let us know what you think about this in the comments section below.
Image creditsShutterstock, Pixabay, Wiki Commons, nansen.ai’s exchange list,
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