Crypto Exchanges Scramble to Compile 'Proof-of-Reserves' as FTX Contagion Grips Markets

In the past 24 hours, seven exchanges – Binance, Gate_io, KuCoincom, Poloniex, BitgetGlobal, HuobiGlobal and OKX – issued statements that they would publish their Merkle tree reserve certificates to increase transparency. By shauryamalwa

Crypto exchanges are now scrambling to publicly publish their fund reserves as insolvency fears grapple crypto investors following contagion risks from liquidity issues at FTX.

Binance and KuCoin did not return requests for comments regarding the one-month period, which may be considered long given current conditions, at writing time. In a centralized crypto exchange, every user’s assets are recorded by the ledger of a centralized database. The recorded assets in the database are the total amount of the user’s assets.

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