Cointime

Download App
iOS & Android

Huobi Becomes Latest Crypto Exchange To Disclose Proof-of-Reserves

Validated Individual Expert

Huobi, the Seychelles-based crypto exchange, recently became the latest digital asset exchange platform to reveal the number as well as the value of its digital assets held in reserves. Huobi has said disclosing the assets held in reserves helps to boost users’ confidence in the exchange as well as to improve transparency.

Huobi’s ‘Inexhaustive Overview’

The Seychelles-based cryptocurrency exchange, Huobi, became the latest digital asset exchange to attempt to assuage users’ anxieties when it unveiled its so-called “proof of reserves” on Nov. 12. As shown in Huobi’s “inexhaustive overview” of digital assets held, the crypto exchange had about 32,000 BTC, 274,000 ETH, and 820 million USDT stablecoins, as well as 9.7 billion TRX tokens.

In addition to disclosing the U.S. dollar value of digital assets held — $3.5 billion — Huobi also shared a snapshot of the list of addresses where the funds are being kept. Huobi’s revelation of digital asset holdings came just two days after FTX, accused of misusing crypto clients’ funds, filed for bankruptcy.

In a statement, Huobi, which was acquired by the About Capital buyout fund in October, suggested that such disclosure helps to reassure concerned users. Before Huobi unveiled its proof of reserves, other crypto exchanges like Binance, Crypto.com, Deribit, Kucoin and Okx have all given their respective proof-of-reserves (POR) via Merkle tree and full audits. As noted in the report, when crypto exchanges display PORs, this enables users to track their token holdings and transactions.

Meanwhile, the crypto exchange said it would further boost user confidence by making the display of PORs a routine practice going forward.

“To further enhance users’ confidence and accelerate our efforts in improving transparency, we are working to perform another Merkle Tree Proof of Reserves audit with a third party within 30 days,” the crypto exchange said in a statement.

Comments

All Comments

Recommended for you

  • Cointime March 2nd News Express

    1. Nigeria’s presidential adviser denies asking Binance to pay $10 billion fine

  • Nigeria’s presidential adviser denies asking Binance to pay $10 billion fine

    A Binance executive stated that they have not heard of the Nigerian government's demand for a $10 billion fine and have no intention of paying the fine to restore services that were suspended or to release two Binance executives. Meanwhile, Bayo Onanuga, an adviser to the Nigerian president, stated that his statement to the BBC was distorted by the media and that he did not say he had informed Binance regulators of the decision to impose a fine. Yesterday, the Nigerian government demanded that Binance pay at least $1 billion in compensation, which was made in the context of Nigeria's crackdown on cryptocurrency exchanges and the devaluation of its currency. Nigeria accuses Binance of profiting from "illegal transactions" in the country. Currently, Binance is under investigation in Nigeria, and earlier this week, Binance executives were detained by Nigerian authorities.

  • FLOKI breaks through $0.00012, with a 24-hour increase of over 120%

    The market shows that FLOKI has broken through 0.00012 US dollars and is now trading at 0.0001219 US dollars, with a 24-hour increase of 121.5%. The market is volatile, so please be prepared for risk control.

  • Over 500 million DOGE transferred to Binance and Robinhood today

    According to Whale Alert, a chain data tracking service, there were two large DOGE transfer transactions today. One address starting with "DDuXGF" transferred 450 million DOGE to Robinhood, worth approximately $62,694,29. The other address starting with "DJfU2p" transferred 56,963,057 DOGE to Binance, worth approximately $7,915,994.

  • The Hungarian Ministry of Economy has proposed a draft law allowing banks to provide encryption services. If approved, it will take effect on June 30

    Hungary is promoting a legislative proposal, which was proposed by the Hungarian Ministry of Economy, to establish a digital asset regulatory framework with the Hungarian central bank as the main regulatory agency and support banks, investment funds, and asset management The company can provide Bitcoin and other cryptocurrency services. If this bill is passed, it will be a significant step forward in allowing traditional financial institutions to incorporate encryption services. Once the bill is approved, the relevant laws are expected to take effect on June 30.

  • U.S. SEC Commissioner: Regulators are considering Ethereum spot ETFs

    Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), revealed at the ETH Denver event that the SEC is considering an Ethereum spot ETF, but currently "there is no information that can be disclosed." In addition, Hester Peirce believes that some of the choices made by the SEC are very strange, because when regulatory agencies drive entities out of the United States, they are actually pushing them beyond the control of U.S. regulatory agencies.

  • Blur transaction total exceeds $9 billion

    DappRadar data shows that the total transaction volume of NFT aggregation platform Blur has exceeded 9 billion US dollars, reaching 9.19 billion US dollars at the time of writing this article. The total number of traders on the platform is currently about 376,400. Historical data shows that in mid-January of this year, the transaction volume of Blur platform exceeded 8 billion US dollars, which means that this indicator has increased by more than 12.5% in less than two months. In other NFT markets, the total transaction volume of OpenSea NFT market is about 36.55 billion US dollars, and the total number of traders is about 5.2 million; the total transaction volume of LooksRare is 4.86 billion US dollars, and the total number of traders is more than 156,000.

  • UNI briefly exceeded $12, rising by more than 5% in the past hour.

    According to OKX market information, UNI briefly broke through $12 and is now priced at $12.012, with a gain of 5.63% in the past hour.

  • Huobi HK’s application for a virtual asset trading platform license submitted to the Hong Kong Securities and Futures Commission was withdrawn on February 23

    The Hong Kong Securities and Futures Commission's official website updated information shows that the virtual asset trading platform license application submitted by Huobi HK to the Hong Kong Securities and Futures Commission was withdrawn on February 23. As of now, the number of applicants for virtual asset trading platform licenses revoked and returned by the Hong Kong Securities and Futures Commission is four, including Ammbr, BitHarbour, and Meex in addition to Huobi HK. According to information disclosed by the Hong Kong Securities and Futures Commission, reasons for license applications being returned, rejected, or withdrawn include but are not limited to the following:

  • Justin Sun: Huobi HTX has ranked among the top five exchanges in the world along with Binance, Upbit, Coinbase, and OKX

    On November 11th, Huobi HTX was invited to attend the 2023 Australian Cryptocurrency Conference from November 11th to 12th. Sun Yuchen, a member of the Huobi HTX Global Advisory Committee and founder of Tron, was invited to give an online speech on the theme of "From Niche to Mainstream: The Evolution of DeFi". During the speech, Sun Yuchen professionally analyzed the exponential growth and adoption rate of DeFi, and explored the application of stUSDT to discuss the role of DeFi in promoting the adoption of cryptocurrencies worldwide, including the potential to enhance financial inclusivity and its impact on a broader economic environment. Sun Yuchen also pointed out that after a year of hard work, exploration, and accumulation, Huobi HTX has ranked among the top five global exchanges together with Binance, Upbit, Coinbase, and OKX, and will continue to build a global encrypted ecosystem, providing users with richer and more diverse financial tools, improving the trading experience, and meeting the different needs of users. It is worth noting that Sun Yuchen's virtual digital human IP was first exposed at this conference.