Binance Square
LIVE
LIVE
Crypto De Nostradame
Bullish
--11.9k views
Proof of reserves reveals size of assets held on Binance #Binance , the world's largest cryptocurrency exchange, published its fifth reserve proof, revealing the size of the assets held on the platform. As of May 1, while the amount of Bitcoin on the stock exchange increased by 2.28% and reached 581 thousand 758, the amount of #Ethereum decreased by 1.97% to 4 million 358 thousand 684. Binance's reserve evidence shows that the assets held by users on the platform can be covered at a 1:1 ratio. This evidence does not include the company's corporate assets. There was also a significant increase in the users' Tether (USDT) amount. With an increase of 1.69 billion USDT, the total amount of #USDT increased to 22.85 billion. It is also noted that 40.7 million BNB and 31.7 million #Solana (SOL) are held in Binance wallets. $BTC $ETH $SOL

Proof of reserves reveals size of assets held on Binance

#Binance , the world's largest cryptocurrency exchange, published its fifth reserve proof, revealing the size of the assets held on the platform. As of May 1, while the amount of Bitcoin on the stock exchange increased by 2.28% and reached 581 thousand 758, the amount of #Ethereum decreased by 1.97% to 4 million 358 thousand 684.

Binance's reserve evidence shows that the assets held by users on the platform can be covered at a 1:1 ratio. This evidence does not include the company's corporate assets.

There was also a significant increase in the users' Tether (USDT) amount. With an increase of 1.69 billion USDT, the total amount of #USDT increased to 22.85 billion.

It is also noted that 40.7 million BNB and 31.7 million #Solana (SOL) are held in Binance wallets.
$BTC $ETH $SOL

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
0
Explore the lastest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number
Relevant Creator

Explore More From Creator

Bitcoin Whales Make Big Moves: $1 Billion Added to BTC Wallets Amid High On-Chain Activity. #Bitcoin whales, large players who hold significant amounts of BTC, have come to the fore by opening significant long positions on major crypto exchanges such as Bybit and HTX. These strategic positions were initiated at the critical price level of $69,000. This development is significant as whale activity often precedes major price movements in the crypto market and offers valuable clues to other investors. In August 2023, #Bitcoin whales opened similarly large long positions, heralding a parabolic rise that saw BTC rise from $25,000 to over $73,000 in a matter of months. This pattern highlights the potential impact of whale activity on Bitcoin's market trends. This type of historical context is critical to understanding current market dynamics and predicting future movements. CryptoQuant CEO Ki Young Ju emphasized that #Bitcoin is not overvalued when evaluated on network fundamentals. He cited the thermo cup ratio as evidence; This is an important metric that represents the weighted sum of coins mined by creation price. The thermo cap rate is calculated by dividing Bitcoin's market value by the thermo cap. This ratio helps investors evaluate the total cost of investment in the Bitcoin network, providing a clearer picture of the network's valuation. Young Ju noted that Bitcoin's current market conditions are similar to the situation four years ago, with #BTC consolidating for more than half a year with increased on-chain activity. Recently, $1 billion worth of BTC was added to whales' wallets, mostly directed to cold storage. This indicates out-of-market accumulation by large investors, which is often interpreted as a bullish signal. The CEO draws a parallel to mid-2020, when Bitcoin was trading around $10,000 and high on-chain activity was attributed to OTC settlements. This similarity suggests that current accumulation may result in significant price movements. $BTC
--
Binance Labs Announces Latest Altcoin Investment! Worker Chose This Project for Ethereum Scaling! Binance Labs, the $10 billion venture capital arm of giant cryptocurrency exchange Binance, announced an undisclosed investment in Ethereum Layer 2 network developer Zircuit. Zircuit is known for its innovative zero-knowledge (ZK) collection technology and offers “AI-enabled sequencer-level security.” This investment aims to support the growth of Zircuit and the further development of its network as it prepares for its mainnet launch this summer. Zircuit is an Ethereum Virtual Machine (EVM) compatible ZK rollup and sits alongside projects like ZKsync, Scroll and Linea. What sets Zircuit apart is its focus on sequencer-level security, a feature highlighted by Martin Derka, the project's co-founder and a former executive at Quantstamp. In traditional Blockchain systems, block proposers prioritize transactions based on availability. In contrast, Zircuit's sequencer uses artificial intelligence to examine transactions before they are included in blocks, identifying and isolating potential attacks. The primary purpose of this sequencer-level security is to prevent hacks and other attacks, thus providing a safer environment for developers and users. Derka explained that transactions identified as hacks are quarantined and not included in blocks, thus ensuring a safe transaction process within the Zircuit ecosystem. Founded in mid-2022, Zircuit is currently in the test network phase. The testnet was launched at the DevConnect 2023 event held in Istanbul last November, and the mainnet is expected to go live in the coming months. Although still in the testnet phase, Zircuit has already attracted a lot of attention with claims of over $3.5 billion in staked assets. The “Build to Earn” program received more than 1,100 applications, and the project has established partnerships with many notable organizations, including #Ethena , #Renzo , Ether.fi, #KelpDAO , #Elixir , #Ambient , Pendle and LayerZero. $BTC $ETH
--
Lykke Hack: 22 Million Dollars of Bitcoin and Altcoins Stolen, Transactions Suspended. UK-based cryptocurrency exchange Lykke stopped its operations after detecting a security vulnerability. The attack, discovered by cyber security analyst SomaXBT, caused a loss of 22 million dollars as a result of unauthorized access. Blockchain analysis revealed that the stolen assets included large amounts of Bitcoin, #Ether , #Litecoin , #Bitcoin Cash and other altcoins. In an advanced laundering maneuver, the stolen Ether was converted into a stablecoin called DAI through various accounts. Regulators and community members responded quickly to Lykke's announcement. Although the exchange assured customer funds were safe, it noted that there were discrepancies in some account balances. #CEO Richard Olsen acknowledged the security vulnerability in his statement to users and emphasized that this incident would be thoroughly investigated. “Lykke is an institution with well-capitalized and diversified operations. Your funds are safe,” Olsen assured. This incident in Lykke once again revealed the ongoing security vulnerabilities in the cryptocurrency industry. Just a few weeks ago, another exchange, DMM Bitcoin, reported losing $320 million in a hack. Similarly, #DeFi platform UwU Lend Protocol recently suffered a $19.3 million security breach. Such incidents urgently highlight the need for increased security mechanisms across digital platforms. Experts say stricter security protocols and increased regulatory oversight are essential to protect investor assets. The Lykke hack incident once again demonstrated the critical importance of robust security measures in the cryptocurrency industry. Investors and stakeholders should demand higher security standards from exchanges, and regulators should examine these platforms more carefully. As the industry grows, ensuring the security and reliability of crypto exchanges will continue to be of utmost importance. $BTC $LTC $ETH
--

Latest News

View More

Trending Articles

avatar
CryptoNews
View More
Sitemap
Cookie Preferences
Platform T&Cs