Bitfinex CTO releases proof of reserves amid FTX bankruptcy fiasco

Collapse of major crypto ecosystems such as FTX and Terra (Luna) — this year emphasized the importance of transparency regarding the true reserves held by cryptocurrency exchanges and companies. Amid continued fear, uncertainty and suspicion (FUD) across the crypto industry, crypto exchange Bitfinex has released evidence of its reserves to the public.

Over the past few days, major crypto exchanges including binance, OKX, Kucoin When crypto dot compledged to share evidence of its reserves to regain investor confidence. Bitfinex CTO Paolo Ardoino shared an updated list of major Bitfinex wallets on Nov. 11. .

GitHub repository containing Bitfinex margins. Source: GitHub

As above, the Arduino share Proof of reserves on Bitfinex’s GitHub. A total of 135 cold and hot wallet addresses are listed. To save users from looking up addresses, he listed some of the company’s significant holdings. Bitcoin and 1225600 ethereum among top holders.

bitfinex evolved An open-source library called Antani in June 2018 aimed to provide transparency around proof of solvency, custody, and proof of off-chain delegated voting. Overlooked in the past, Ardoino has confirmed his Bitfinex plans to revive a system that allows users to check their balances without violating their privacy.

A goal set by Antani, Bitfinex’s open source library.Source: Antani White Paper

Antani’s white paper suggests that users will be able to cryptographically verify their balances, allowing Bitfinex users to verify the existence of their funds and eradicate the risk of de-pegging.

The revelation received a warm reception from the community, but members noted that the data was incomplete as the information excluded figures of Bitfinex’s liability.

Related: OKX, Kucoin Says Proof Of Reserve Will Be Ready In A Month

Ledger, a hardware-based cryptocurrency wallet provider, suffered a temporary outage as a result of a massive exodus of funds from cryptocurrency exchanges amid the FTX carnage.

“After the FTX earthquake, there has been a massive exodus from exchanges to Ledger’s security and self-sovereignty solutions,” Ledger CTO Charles Guillemet said while revealing that the system was back up and running soon.