FTX debacle sees Nansen take stock of major exchange on-chain holdings
The collapse of cryptocurrency trade FTX has put business friends beneath the microscope with requires clear accounts of token holdings and belongings beneath 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 area. This comes after investor confidence has been shaken, with customers throughout the ecosystem shifting Bitcoin (BTC) and different tokens off exchanges to keep away from potential contagion from the FTX fallout.
Blockchain analytics platform Nansen supplies business insights and is understood for its wallet-labeling options that observe addresses throughout a number of blockchains. In a collection 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 chapter fiasco
The belongings and web price of the exchanges are the sum of holdings in pockets addresses offered by the companies on blockchains that Nansen screens. The analytics platform additionally notes that the figures aren’t an “exhaustive or full assertion of the particular belongings/reserves held.”
The exchanges accounted for embody Binance, Crypto.com, OKX, KuCoin, Deribit, Bitfinex and Huobi.
Binance, extensively thought to be the biggest world trade by transaction quantity, holds round $64.3 billion price of belongings throughout the Bitcoin, Ethereum, Tron and BNB Chain blockchains. This eclipses the opposite exchanges by a considerable quantity.
3/ @binance portfolio: https://t.co/mdsVyJNKYZ
Present holdings: $64.3B (eliminated Binance Bridge pegged tokens, solely embody their authentic belongings)
Chains:#Bitcoin#Ethereum#Tron#BNBChain
Binance assertion:https://t.co/BpTv4wpQwO pic.twitter.com/cgrP2MXh4s
— Nansen (@nansen_ai) November 15, 2022
Bitfinex has the second-largest asset holdings in reserve of the seven exchanges, in keeping with information offered 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.
9/ @HuobiGlobal portfolio: https://t.co/ck3ML981rz
Present holdings: $3.31B
Chains:#Bitcoin#Ethereum#Polygon#TRON#Solana#Avalanche#Cosmos
Huobi’s assertion: https://t.co/vBf7Y2V4Nc pic.twitter.com/vcM6xoaXfQ
— Nansen (@nansen_ai) November 15, 2022
Huobi’s belongings quantity to a traced $3.3 billion throughout eight totally different chains. OKX reportedly holds $5.84 billion in cryptocurrency belongings throughout the Bitcoin, Ethereum, Polygon, Arbitrum, Tron and Avalanche blockchains.
5/ @okx portfolio: https://t.co/fkfUzbAusT
Present holdings: $5.84B
Chains:#Bitcoin#Ethereum#Polygon#Arbitrum#TRON#Avalanche
OKX’s assertion:https://t.co/jmEfmntgg3 pic.twitter.com/1TYCRfErrn
— Nansen (@nansen_ai) November 15, 2022
Crypto.com holds an estimated $2.36 billion in belongings throughout seven chains. KuCoin addresses account for $2.65 billion in belongings on eight totally different blockchains, and Deribit holds round $1.46 billion price of belongings on the Bitcoin, Ethereum and Solana blockchains.
Nansen co-founder and CEO Alex Svanevik instructed Cointelegraph that the agency is planning to publish preliminary findings on the FTX state of affairs this week. Nansen beforehand unpacked on-chain findings after the cataclysmic collapse of the Terra ecosystem in Might 2022.
