FTX debacle sees Nansen take stock of major exchange on-chain holdings

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The collapse of cryptocurrency trade FTX has put trade friends beneath the microscope with requires clear accounts of token holdings and property beneath administration.

Main cryptocurrency exchanges like Binance, Huobi, OKX and Crypto.com have made efforts to share particulars of their property and portfolios to assuage the broader house. This comes after investor confidence has been shaken, with customers throughout the ecosystem shifting Bitcoin (BTC) and different tokens off exchanges to avoid potential contagion from the FTX fallout.

Blockchain analytics platform Nansen gives trade insights and is known for its wallet-labeling features that observe addresses throughout a number of blockchains. In a sequence of tweets posted on Nov. 15, Nansen listed seven main exchanges, their related portfolios and explanatory statements of accounts.

Associated: Bitfinex CTO releases proof of reserves amid FTX bankruptcy fiasco

The property and web value of the exchanges are the sum of holdings in pockets addresses offered by the companies on blockchains that Nansen screens. The analytics platform additionally notes that the figures usually are not an “exhaustive or full assertion of the particular property/reserves held.”

The exchanges accounted for embrace Binance, Crypto.com, OKX, KuCoin, Deribit, Bitfinex and Huobi.

Binance, broadly considered the most important international trade by transaction quantity, holds round $64.3 billion value of property throughout the Bitcoin, Ethereum, Tron and BNB Chain blockchains. This eclipses the opposite exchanges by a considerable quantity.

Bitfinex has the second-largest asset holdings in reserve of the seven exchanges, in accordance with information offered by the corporate. $8.23 billion of property are held throughout the Bitcoin, Ethereum, Polygon, Tron, Solana, Acala, Avalanche, Cosmos, Fantom, Close to, Terra and Terra Basic blockchains.

Huobi’s property quantity to a traced $3.3 billion throughout eight completely different chains. OKX reportedly holds $5.84 billion in cryptocurrency property throughout the Bitcoin, Ethereum, Polygon, Arbitrum, Tron and Avalanche blockchains. 

Crypto.com holds an estimated $2.36 billion in property throughout seven chains. KuCoin addresses account for $2.65 billion in property on eight completely different blockchains, and Deribit holds round $1.46 billion value of property on the Bitcoin, Ethereum and Solana blockchains.

Nansen co-founder and CEO Alex Svanevik instructed Cointelegraph that the agency is planning to publish preliminary findings on the FTX scenario this week. Nansen beforehand unpacked on-chain findings after the cataclysmic collapse of the Terra ecosystem in Might 2022.