Binance Releases Wallet Addresses of $69B Crypto Reserve

The exchange said it will share its proof-of-funds in the coming weeks.

AccessTimeIconNov 10, 2022 at 12:33 p.m. UTC
Updated Nov 10, 2022 at 4:52 p.m. UTC

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

Binance released a list of its cold wallets and reserves a day after backing out of a deal to buy troubled crypto exchange FTX.

The crypto exchange says its holds around 475,000 bitcoin (US$7.8 billion), 4.8 million ether ($5.57 billion), 17.6 billion USDT ($17.4 billion), 601 million USDC ($607 million), as well as close to 21.7 billion of its own stablecoin BUSD (worth $21.9 billion) and 58 million of its BNB tokens (worth $16 billion).

In total, the reserves listed had a total market value of around $69 billion, based on current market prices.

Binance also said that it will share its Merkle tree proof-of-funds in the coming weeks.

Using Merkle trees allows exchanges to store each user account’s hash value of assets in the “leaf nodes” of the Merkle tree. The second step is to audit those assets in the leaf node of the Merkle tree and verify all the users’ holdings by a third party.



Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.