Bitfinex CTO Shares Proof of Reserves Following FTX Turmoil

Belgian Regulators Classify Bitcoin and Ethereum as Non-Securities
  • Ardoino published Bitfinex’s proof of reserves on GitHub.
  • Bitfinex has also released an open-source library in June 2018 named Antani.

Transparency about the actual deposits held by crypto exchanges and companies is especially important in light of the failure of significant crypto ecosystems this year, such as FTX and Terra LUNA. Bitfinex, a cryptocurrency exchange, just made public their proof of reserves amidst widespread FUD in the crypto sector.

In recent days, prominent cryptocurrency exchanges including Binance, OKEx, Kucoin, and Crypto.com have pledged to publish their proof of reserve in an effort to restore investor trust. Paolo Ardoino, Bitfinex’s chief technology officer, followed the road by publicly disclosing the most recent version of the list of major Bitfinex wallets on November 11.

Gaining Users Trust

Ardoino published Bitfinex’s proof of reserves on GitHub, including 135 wallet addresses (both cold and hot). For the convenience of the users, he provided a list of the company’s major holdings.

Bitfinex released an open-source library in June 2018 named Antani with the intention of facilitating trust on the blockchain by demonstrating solvency, custody, and delegated proof of vote. Previously ignored, Ardoino revealed Bitfinex’s ambitions to bring back the technology that verifies user balances without exposing their identities.

Users of Bitfinex will be able to verify the presence of their funds and eliminate depegging threats thanks to the cryptographic verification of balances promised by Antani’s whitepaper.

However, several people in the community have pointed out that the data isn’t full since it doesn’t include Bitfinex’s liability numbers, which was a surprise to many. The crypto market is in a state of shock and disarray as the leading crypto exchange faced liquidity issues and filed for bankruptcy.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.