Bitfinex CTO Releases Proof Of Reserves In The Aftermath

Bitfinex Releases Proof of Reserves Amid Crypto Sector Uncertainty

The collapse of major crypto ecosystems this year, like FTX and Terra, 

Underscored the significance of openness regarding the genuine reserves held by crypto exchanges and businesses.

 Amid the ongoing fear, uncertainty, and doubt (FUD) in the crypto sector, crypto exchange Bitfinex released its proof of reserves to the public.

In recent days, major crypto exchanges such as Binance, OKX, Kucoin, and Crypto.com have pledged to share their proof of reserve in order to restore investor trust. Walking the walk, Bitfinex CTO Paolo Ardoino released a list of the main Bitfinex wallets, which was last updated on November 11.

Ardoino released Bitfinex's proof of reserves on GitHub, listing 135 cold and hot wallet addresses. To save customers the trouble of looking through the addresses, he disclosed some of the company's key holdings, which included 204338.17967717 BTC and 1225600 ETH among top holders.

Back in June 2018, Bitfinex released Antani, an open-source library intended at offering transparency surrounding proof of solvency, custody, and off-chain delegated proof of vote. While previously overlooked, Ardoino revealed Bitfinex's ambitions to resurrect the mechanism that would allow users to check their balances without jeopardizing their anonymity.

According to Antani's whitepaper, users would be able to cryptographically verify their balances, allowing Bitfinex users to authenticate the presence of their cash and eliminate de-pegging threats.

While the news was welcomed by the community, other people pointed out that the data is inadequate because it does not include Bitfinex's liability estimates.

As a result of the massive outflows from crypto exchanges during the FTX slaughter, hardware-based cryptocurrency wallet provider Ledger experienced a brief service outage.