Tether’s excess reserves rose to $3.3B in Q2: report
Tether’s excess reserves for the USDT stablecoin hit $3.3 billion in Q2. An attestation report for the quarter by BDO showed operational profits of over $1 billion. Tether’s consolidated liabilities…
Exclusive: Bitget’s proof of reserves sets record with a total reserve ratio of 223%
Bitget has been publishing verifiable data since December 2022. The recent proof of reserves shows USDC at a reserve ratio of 2604% The exchange’s reserve ratios have consistently exceeded 200%…
Circle says $3.3B of USDC reserves stuck at Silicon Valley Bank
Circle said it failed to remove $3.3 billion from Silicon Valley Bank. SVB is under FDIC receivership following its collapse. USDC depegged following the news, falling 8% to hit lows…
Binance admits “error” in mixing token reserves and user funds
Binance is allegedly working to fix the “error”. The crypto exchange released a proof of collateral report for all 94 Binance-pegged tokens, or B-Tokens. Data suggested the Binance wallet holding…
Why have Some Exchanges not Released Proof of Reserves?
The fall of FTX has led to calls for increased transparency among crypto exchanges. Several centralised exchanges have released proof of reserves to regain public trust. However, it may take…
CryptoQuant confirms Binance reserves are accounted for
Binance has faced a FUD storm in the past few days about its reserves. Binance has also been in the spotlight amid the ongoing FTX collapse hearing. Blockchain analytics provider…
Tether pledges to stop issuing secured loans from its reserves
Tether on Tuesday addressed the FUD around secured loans. The secured loans held in Tether’s reserves are overcollateralized and covered by extremely liquid assets. It also revealed plans to stop…
Will this “worrying” Binance’s proof of reserves crash BNB further?
Binance has been criticised for the quality of its proof of reserves Mazars say the crypto exchange is 97% collateralised BNB trades down and could find support at $266 The…
Binance releases its proof of reserves system
Binance’s proof of reserves system initially shows results for the flagship cryptocurrency Bitcoin. The crypto exchange will add other tokens and networks as well as implement ZK-SNARKs. Crypto exchanges are…
What is Proof of Reserves, and Why is it Important?
Table of Contents What is Proof of Reserves? Why is Proof of Reserves Important? The Impact of Calls for Proof of Reserves How Does a Proof of Reserves Audit Work?…