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Six/9/2016: Binance, Binance Plots Proof-of-Reserves After FTX Collapse

1/9 What’s happening in Crypto by @BessageTech 21 Nov 2022

💰BTC Price: 16,073.31 🔋Hashrate: 262.66 EH/s 📊Difficulty: 36.95 T Bitcoin BTC cryptocurrecy Crypto airdrop Blockchain climate

đź’ąMarket Place 2/9 Grayscale said it's not the safest to perform a proof of reserves following clamors from users after the FTX fiasco. In effort to calm investors, the crypto giant says regulations that apply to its various entities make an FTX-like scenario nearly impossible.

3/9 The proposition for proof of reserves has started to get a lot of buzz in the cryptocurrency community in the wake of the FTX meltdown.

4/9 The idea is to provide a way for users to verify a business’s assets via cryptographic techniques that ensure data transparency. Binance recently agreed to work alongside Vitalik Buterin to implement a new proof-of-reserves protocol.

5/9 Contagious effects following FTX collapse persisted through the past week, with equities cratered. Coinbase fell 18%, Block lost 6.3%, and MicroStrategy slid 0.7%. Among the worst preforming was Silvergate Bank with a 30% slide into the red.

🦍Big Guys 6/9 Binance makes largest Bitcoin holding exchange by stashing close to 600,000 BTC worth 9.62B in reserve. The unofficial crowning comes amid discussions concerning proof-of-reserves and more than 5 billion in bitcoin and ethereum leaving exchanges in through Nov.


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🗳️Crypto and Politics 8/9 Governments call for tightening of regulations and oversights for crypto. The US’s Biden and Deputy PM Lawrance Wong of Singapore among the most noticeable.

9/9 Singapore’s state-owned Temasek Holdings is said to be preparing to write off up to 300M in investment into FTX.

This post is based on this twitter thread.


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