Rapid Insights: Looking into Proof-of-Reserves of Major Exchanges

After the fall of FTX, trust in centralized exchanges has been greatly shaken. Kraken’s CEO, Jesse Powell, publicly tweeted that centralized exchanges should provide regular audited Proof-of-Reserves to reassure users that deposited funds were not misappropriated. Shortly after, Nansen announced that they would be working with exchanges to provide real-time Proof-of-Reserves (PoR). As of this writing, there are 5 exchanges that have officially been tagged by Nansen, namely, Binance, Crypto.com, OKX, KuCoin and Deribit.

In this piece, we will be analyzing the reserves of the major exchanges that have revealed their addresses. We will also analyze some of the other exchanges that have yet to publicly share their addresses by looking at their known associated wallets