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Every exchange needs to show proof of reserves, I don't have much faith that Binance is in much better shape than FTX.
by Aaronstotle 4y ago
Every exchange needs to show proof of reserves, I don't have much faith that Binance is in much better shape than FTX.
- Bubble_Pop_22 4y agoExchanges big wallet are public info on the blockchain IIRC. The huge problem is that you'll never know if they add up because you'd need confirmation from every user of the exchange who'd have to self-declare their crypto-wealth in some sort of Slack or Telegram group so that you then can compare the 2 totals and see if x=y. Will never happen. They are black boxes. Only them know if 1:1
- ploppyploppy 4y agoKraken do: https://www.kraken.com/en-gb/proof-of-reserves https://www.kraken.com/en-gb/proof-of-reserves