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Crypto.com releases proof-of-reserve data; here’s where BTC, ETH reserves stand

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  • Crypto.com released proof-of-reserves data on 9 December
  • Following the FTX debacle, most exchanges have had to reveal their proof-of-reserve exchanges 

Singapore-based crypto exchange Crypto.com released its Proof-of-Reserves data on 9 December. The global audit, tax, and advisory firm, Mazars Group, conducted the report. It demonstrated that it had sufficient crypto assets to back its customer liabilities.

The report showed that Crypto.com owned the crypto assets of its customers, including BTC, ETH, USDC, USDT, DOGE and SHIB, in excess of 100%.

Source: Crypto.com

Crypto exchanges under pressure to release Proof-of-Reserves

Following the collapse of FTX, which is now being investigated for fraud, cryptocurrency exchanges around the world have been under pressure to provide more transparency. According to the allegations, the Bahamas-based crypto exchange used client funds to make risky investment bets through Alameda Research.

Recall that Alameda Research happens to be a trading firm also founded by ex-FTX CEO Sam Bankman-Fried. Crypto exchanges such as Binance and OKX were also trying to reassure customers that their funds were safe following the FTX debacle last month.

As a result of the fallout from FTX, Crypto.com was forced to temporarily pause withdrawals on the Solana [SOL] network on 9 November.

Understanding that some users may be skeptical of the exchange’s self-assessment, Crypto.com’s Proof-of-Reserves page allowed users to self-audit its reserves through the Mazars app.

Crypto.com not the first exchange to release PoR

Two weeks ago, OKX released its Proof-of-Reserves data. It indicated that OKX had 102% of the BTC and ETH tokens required to handle all withdrawals in these coins. Additionally, it had 101% USDT required to handle all Tether withdrawals.

Binance was next, with Mazars Group releasing its Proof-of-Reserves data on 7 December. Binance held over 575,742.42 BTC, and the exchange was 101% collateralized.

Crypto.com CEO Kris Marszalek took to Twitter to emphasize the necessity of sharing proof of reserves. He said,

“Crypto.com is fully committed to providing customers around the world a safe, secure, and compliant means of engaging with digital currencies… Transparency is more important than ever, and safety and security of users and funds remains the priority. It requires full and collective commitment.”

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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