- Binance’s Proof-of-Reserves has been audited, raising skepticism.
- CZ reiterates that the company remains “financially strong.”
- Glassnode releases report on ETH and Binance showing consistency.
With investors on high alert following the FTX crash, crypto exchange Binance has recently been under the spotlight. Mazars, an accounting agency, recently audited Binance’s Proof-of-Reserves report. Some market participants, however, argued that it doesn’t provide true representation of the exchange’s financial situation.
Glassnode, an on-chain data source, has delved deeper into the subject, examining Binance’s exchange balances and comparing them to its proof-of-reserves.
According to Glassnode statistics, Binance has 584.6k BTC in total Bitcoin holdings, compared to 359.3k BTC in self-reported Proof-of-Reserves wallets.
According to the report, the Binance exchange balances are more volatile this month, stating:
If we look to BTC inflow/outflows, we can see there have been significant late withdrawals. 13-Dec recorded 57.3k BTC in outflows, the largest net BTC outflow from Binance in history.
For Ethereum, the Proof- ...
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