According to data shared by crypto influencer John Brown, 91% of Bitfinex exchange’s reserves are Bitcoin (BTC) and Ethereum (ETH).
Coinbase follows Bitfinex as a close second by having 63% of its reserves in Bitcoin and Ethereum, according to additional information added by Brown.
— John Brown (@john_j_brown) November 21, 2022
Crypto.com comes as the third exchange with the most significant Ethereum and Bitcoin percentages at 52%.
Leading exchange Binance is placed at the bottom of the list by having only 15% of its reserves consisting of Bitcoin or Ethereum.
Proof of reserves
Upon the FTX collapse, Binance CEO Changpeng Zhao suggested that all exchanges publish their proof-of-reserves. Many exchanges followed Zhao’s advice and published their documents, including Bitfinex, Crypto.com, Binance, OKX, and Coinbase.
According to its proof-of-reserves, Bitfinex holds around 207,356.67967717 Bitcoins and 1,225.600 Ethereums.
Crypto.com’s 52% equates to 53,024 Bitcoins and 391,564 Ethereum, according to its proof of reserves. The exchange also stated that its Bitcoin and Ethereum are worth around $3 billion when combined with Crypto.com’s other holdings.
Binance also published its proof of funds on Nov. 11. The exchange disclosed that it held around $69 billion worth of digital assets. It also detailed that it had 475,000 Bitcoin and 4.8 million Ethereum, which consists of only 15% of the exchange’s reserves. Binance also holds 58 million BNB and 17.6 billion USDT, amongst others.
OKX and Coinbase, on the other hand, revealed that they back all their users’ assets at 1:1 by real funds.