Binance Shares Hot and Cold Wallet Crypto Addresses and Details About the SAFU Fund
After disclosing the trading platform Binance would share proof-of-reserves, the exchange published a blog post called “Our Commitment To Transparency.” The Binance blog post shares addresses tied to the world’s largest exchange and it notes that as of Thursday, Binance holds 475,000 bitcoin, 4.8 million ether, and 17.6 billion tethers. Binance Shares Crypto Addresses and Says a Full Audited Report Is Coming Soon
Just before the exchange bailed out on purchasing FTX, Binance CEO Changpeng Zhao (CZ) told the public that Binance would produce proof-of-reserves. “All crypto exchanges should do Merkle-tree proof-of-reserves,” CZ said. “Banks run on fractional reserves. Crypto exchanges should not. Binance will start to do proof-of-reserves soon. Full transparency,” CZ concluded on Twitter.
On Thursday, Binance published a blog post that follows CZ’s commentary about proof-of-reserves. The exchange has shared hot and cold wallet addresses tied to networks including BTC, ETH, BSC, BNB, and TRX. “This is a starting point while we work to create a Merkle tree [proof-of-reserves] that we will share with the community in the next few weeks,” Binance’s announcement explains.
Binance further insisted that it is “not a complete set of data,” and added, “this will be shared in the full audited report.” At the time of writing, Binance’s top crypto balances include: BTC(~475K BTC) ETH(~4.8M ETH) USDT(~17.6B USDT) BUSD(~21.7B BUSD) USDC(~601M USDC) BNB(~58M BNB).
The world’s top crypto exchange sharing its hot and cold wallet addresses follows a large slew of crypto executives discussing proof-of-reserve methods. In addition to sharing the addresses, Binance also detailed information concerning the firm’s SAFU fund.
“We have also recentlytopped up our industry leading SAFU fund, an emergency insurance fund that was established in 2018 to protect Binance users in extreme situations,” Binance wrote. “The fund now stands at $1B and is just another part of our commitment to our users to build the safest, most equitable blockchain ecosystem in the world.” Tags in this story Binance, Binance addresses, ftx, FTX fallout
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Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Reports Claim Beleaguered Crypto Exchange FTX Seeks Over $9 Billion From Investors NEWS | 5 hours ago FTX CEO Updates Crypto Community, Sunsets Alameda Trading, Addresses a Specific "Sparring Partner" NEWS | 6 hours ago
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