The bitcoin balance of Binancethe largest crypto exchange in the world, has grown significantly over the past month after the collapse of FTX and his total holdings are now approaching 600,000 BTC.
According to data from the crypto analysis platform coin glassBinance currently holds over 575,000 BTC, having added over 137,011 BTC over the past week and a total of 67,347 BTC over the past month.
As the Bitcoin price is currently hovering around the $16,000 mark, Binance’s BTC holdings are worth over $9 billion. The recent spike in Binance’s BTC reserves comes as the loss of user confidence in smaller exchanges continues to escalate following the unprecedented crash of FTX.
Coinbase Pro, BitfinexComment, Gemini and kraken are the four largest bitcoin holders after Binance, according to Coinglass, each holding 528,900, 345,597, 153,212, and 70,622 BTC respectively. Among the top five exchanges, Binance is the only one that saw a positive bitcoin net flow in the past week.
Binance is the largest exchange in the market in terms of trading volume. Binance has been in the news for the past few weeks, especially because of its partial involvement in the FTX saga. Initially, the exchange signed a non-binding agreement to acquire then-struggling FTX, but pulled out of the deal less than a day later.
The sharing of proof of reserves adopted by many exchanges
The bankruptcy of FTX, which was once the third largest exchange in the crypto market and which had carved out a solid reputation in the sector, caused many players to question the reliability of centralized players.
In an effort to provide transparency to address growing skepticism, top crypto company executives have begun sharing evidence of reservations. Proof of Reserves uses Merkle trees to obtain a set of data for users to verify the accuracy of their balances.
Over the past few days, Binance, Crypto.com, per bit and Houbi were among the first companies to share their proof of reserves, revealing how much and what cryptocurrencies they store on behalf of their customers.
However, the investment company Shades of grey refused to do the same, citing “security concerns.” In a recent Twitter thread, the company said that major crypto exchange Coinbase, which acts as the investment fund’s custodian, frequently performs “on-chain validation.”
The move sparked speculation about Grayscale’s financial health. “I was not concerned about the solvency of GBTC before reading this statement. Can you explain to me how the reserve evidence is a security risk?” declared a Twitter user.
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