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FTX debacle sees Nansen take stock of major exchange on-chain holdings

diffrint by diffrint
November 15, 2022
in Ethereum
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FTX debacle sees Nansen take stock of major exchange on-chain holdings

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The collapse of cryptocurrency change FTX has put trade friends underneath the microscope with requires clear accounts of token holdings and belongings underneath administration.

Main cryptocurrency exchanges like Binance, Huobi, OKX and Crypto.com have made efforts to share particulars of their belongings and portfolios to assuage the broader house. This comes after investor confidence has been shaken, with customers throughout the ecosystem shifting Bitcoin (BTC) and different tokens off exchanges to avoid potential contagion from the FTX fallout.

Blockchain analytics platform Nansen supplies trade insights and is known for its wallet-labeling features that monitor addresses throughout a number of blockchains. In a sequence of tweets posted on Nov. 15, Nansen listed seven main exchanges, their related portfolios and explanatory statements of accounts.

Associated: Bitfinex CTO releases proof of reserves amid FTX bankruptcy fiasco

The belongings and internet value of the exchanges are the sum of holdings in pockets addresses supplied by the companies on blockchains that Nansen displays. The analytics platform additionally notes that the figures are usually not an “exhaustive or full assertion of the particular belongings/reserves held.”

The exchanges accounted for embrace Binance, Crypto.com, OKX, KuCoin, Deribit, Bitfinex and Huobi.

Binance, extensively thought to be the most important international change by transaction quantity, holds round $64.3 billion value of belongings throughout the Bitcoin, Ethereum, Tron and BNB Chain blockchains. This eclipses the opposite exchanges by a considerable quantity.

Bitfinex has the second-largest asset holdings in reserve of the seven exchanges, in response to information supplied by the corporate. $8.23 billion of belongings are held throughout the Bitcoin, Ethereum, Polygon, Tron, Solana, Acala, Avalanche, Cosmos, Fantom, Close to, Terra and Terra Basic blockchains.

Huobi’s belongings quantity to a traced $3.3 billion throughout eight completely different chains. OKX reportedly holds $5.84 billion in cryptocurrency belongings throughout the Bitcoin, Ethereum, Polygon, Arbitrum, Tron and Avalanche blockchains. 

Crypto.com holds an estimated $2.36 billion in belongings throughout seven chains. KuCoin addresses account for $2.65 billion in belongings on eight completely different blockchains, and Deribit holds round $1.46 billion value of belongings on the Bitcoin, Ethereum and Solana blockchains.

Nansen co-founder and CEO Alex Svanevik informed Cointelegraph that the agency is planning to publish preliminary findings on the FTX scenario this week. Nansen beforehand unpacked on-chain findings after the cataclysmic collapse of the Terra ecosystem in Might 2022.