Ray III, stated he had never seen such a total collapse of corporate controls and such a complete absence of reliable financial information as occurred. In a court declaration, FTX’s new CEO, John J. FTX was notorious for expensive employee incentives, such as luxurious residences for workers, a hefty DoorDash allowance for food delivery, and a chartered plane to transport Amazon packages from the United States to the Bahamas. The data is self-audited, thanks to blockchain technology.įor corporate control, on-chain data cannot account. However, there have been some concerns over Binance’s financial stability.įor the first time in the history of the finance sector, Proof of Reserves delivers real-time, transparent, and non-manufactured data. Hochan Chung, the head of marketing at CryptoQuant, notes the availability of on-chain data to substantiate all claims, even if you do not believe the exchange’s public report. CryptoQuant says that Binance’s level of clean reserve is “acceptable.” Trust on-chain Nansen data estimates Binance’s total reserves to be $57.4 billion, compared to $3.04 billion for Huobi, $2.47 billion for Kucoin, $3.36 billion for, and $6.8 billion for OKEx. Compared to OKX (100%), (97%), Kucoin (81.64%), Bitfinex (66.5%), and Huobi (56%), this percentage is significantly higher. CryptoQuantĨ8.95% of Binance’s reserves are clean. A liquidity crisis indicates that the exchange’s FTT token significantly funded FTX’s sister firm Alameda Research ultimately leading to its collapse. Ether and stablecoin reserves have fallen by 6% and 15%, respectively.ĬryptoQuant notes that Binance’s reserves are cleaner than FTX- Alameda’s, or they are not dependent on the exchange’s native cryptocurrency, BNB. Since FTX’s crash, Binance’s bitcoin reserves have increased by 4%, according to CryptoQuant. Changpeng Zhao, CEO of Binance, tweeted that he welcomes the stress test. While withdrawals have grown, they remain negligible compared to the total reserves of the exchange. It was said that collateralisation is 101% when the exchange’s assets and debts are considered.Īccording to CryptoQuant, Binance is witnessing a different number of outflows than FTX did in the days preceding its collapse. This contrasts with the Customer Liability Report Balance of 597,602 BTC in the PoR report.ĩ9% of Binance’s obligations were covered by CryptoQuant data via the ticker symbol for bitcoin. The analytics business cites the on-chain data to substantiate assertions made in a recent audit that Binance is overcollateralised.Īt the time of Binance’s Proof of Reserves announcement, CryptoQuant estimated Binance’s BTC reserves to be 591,939 BTC. The top crypto exchange by trading volume, Binance, is not the next FTX, according to an analysis by CryptoQuant.
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