On November 16th, popular crypto exchange Bybit made the addresses of its biggest crypto wallets public. This followed the collapse of FTX and industry calls for increased transparency. It was through a recent press release that Bybit had listed the addresses.
Blockchain analytics firm Nansen also created a dashboard of Bybits wallets, which is an indication that the exchanges assets total more than $1 billion in Bitcoin, USD Coin, Tether, and Ethereum. According to the press release, these assets account for more than 85% of the total crypto held by the exchange.
Following the FTX disaster, Binance CEO Changpeng Zhao has advocated for all exchanges to develop a proof-of-reserves protocol that will demonstrate to the community that their assets are equal to or greater than their liabilities.
As it does not provide a Merkle tree of the exchanges liabilities to customers, Bybits release of wallet addresses would not be considered as PoR. However, releasing the wallet addresses is a requirement for later creation of a proof of reserve, should Bybit choose to do so.
 
Bybit Reveals Exchange Holding Wallet Addresses
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
April 29,2024
Ethereum ETF Gets Listed On DTCC By Franklin Templeton
April 29,2024
BTC Miners Enjoy Increased Revenue Via Transaction Fee Surge
April 29,2024
Web3 Fundraising Deals - April 23rd To April 29th, 2024
April 28,2024
Bitcoin Floats Around $64K As Altcoins See Red
April 27,2024
Eminem Gets Involved With Crypto Through New Ad
April 26,2024
ConsenSys Fights Back Against The SEC And Initiates Legal Action
April 26,2024
Popular Crypto Influencer Sentenced To Seven Years In Prison
April 25,2024
Solana Community Looks Forward To Much Needed Update
April 25,2024
Bitcoin Makes History By Becoming The Scarcest Asset In The World
April 24,2024
HBAR Skyrockets After BlackRock Successfully Tokenizes MMF On Hedera
April 24,2024
Jack Dorsey Will Tap Into Africa For New Bitcoin Mining Initiative
April 23,2024