Binance Discloses Wallet Addresses and Transactions Following a Proof-of-reserves Pledge

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Last Updated on November 11, 2022 by Bitfinsider

In light of the FTX liquidity problem and the impending acquisition by Binance, Changpeng “CZ” Zhao, CEO of Binance, guaranteed his community that his network would provide complete transparency on asset holdings.

Binance introduced a new page titled “Proof of Assets” on November 10, which contains all information regarding its on-chain activity for its hot and cold wallet addresses. This announcement comes just two days after CZ’s initial tweet on November 8, in which he committed to build a proof-of-reserve system to ensure “complete transparency” to the community.

Binance published an official statement on the new page stating that it is the next stage in the company’s “commitment to openness and creating confidence in the ecosystem,” but that it is merely a beginning.

According to the exchange, the ultimate objective is to develop a Merkle Tree proof of funds, which will be shared with the community in the coming weeks.

The release also contained a snapshot of hot and cold wallet addresses from roughly 12:00 a.m. UTC on November 10, 2022.

In addition, the release highlighted that the Secure Asset Fund for Users (SAFU) of the corporation had surpassed $1 billion. The initial announcement was made via a tweet on November 9 and stated that it was made “in light of recent pricing changes.”

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