Following the fall of the FTX crypto exchange, which has just gone bankrupt, some trading platforms have decided to publish the amounts of funds in Bitcoin (BTC) and cryptocurrencies they hold in order to demonstrate transparency vis-à-vis -to their customers worried that other players in the sector will also go bankrupt.
After Binance revealed its holdings in Bitcoin (BTC), Ethereum (ETH), BNB and stablecoins USDT, BUSD and USDC, it’s CryptoCom’s turn to publish the state of its cryptocurrency reserves.
The blockchain analysis company Nansen has thus shared data which indicates in particular that 20% of CryptoCom’s reserves, around $540 million, are in Shiba Inu (SHIB) tokensthe competitor of the famous Dogecoin (DOGE).
The published figures also reveal that out of nearly $3 billion in cryptocurrenciesmore 30% are in Bitcoin (BTC) and 18% in Ethereum (ETH).
The fact that 20% of crypto funds are in Shiba Inu shitcoin (SHIB) clearly surprised the crypto community, which expressed some concern following the publication of these figures.
An affront also for the Dogecoin (DOGE), frontal competitor of the Shiba Inu, which is drowned in the rest of the small cryptocurrencies held in the reserves of CryptoCom.
CryptoCom wanted to remind that these crypto funds partly represent what customers of the consumer-oriented crypto trading platform hold.
This 20% in altcoin Shiba Inu (SHIB) effectively illustrates the dazzling success encountered by this cryptocurrency during the last bull run where many individuals flocked to this crypto token which has since lost a lot of value.
Individuals who now find themselves with “bags” of SHIB tokens in the hope that the Shiba Inu price will go up again in the future.
The CEO of CryptoCom welcomed the release of these figures in an effort to reassure its millions of users around the world.
You can expect http://Crypto.com to continue to operate in the spirit of complete transparency and to remain a steady hand and a safe and secure platform.
You can expect https://t.co/pFc4Pz9nFR to continue working in the spirit of full transparency and to remain a steady hand and a safe and secure platform.
—Chris | Crypto.com (@kris) November 11, 2022
Other crypto exchanges have also decided to make their crypto reserves public so as not to see their users flee for fear of not being able to recover their funds, as in the case of FTX which blocked withdrawals for lack of liquidity.
FTX is indeed accused of having used the crypto funds of its customers in particular to support its subsidiary Alameda Research.
The crypto sector now fears a contagion phenomenon that could affect the financial balance of other crypto companies that were involved in the FTX ecosystem.
The Bitcoin (BTC) price could thus fall to 13,000 dollars according to analysts from the banking giant JP Morgan who mentions a possible “margin call cascade” in view of the many financial and crypto players involved in this affair, click here to read our article on this subject.
And Bitcoin price which is currently around 16,750 dollarsclick here to follow the BTC course live.
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