Binance, the world's largest cryptocurrency exchange, released the most important hot and cold wallet address details to reassure users.
The auditing companies found that scope assets far surpassed platform liabilities on the bitcoin exchange.
The largest cryptocurrency exchange in the world, Binance, just published the most crucial details regarding its hot and cold wallet addresses public in order to reassure users. The exchange also agreed to divide any future funds from the Merkle Tree. However, the bitcoin exchange stuck to its word and released the initial audit report.
In a Tweet, Binance said that as part of their efforts to improve user money transparency and adopt Proof of Reserve, they are working with Mazars, a well-known global financial audit firm. The Reserves BTC proof is now accessible, it said. It was announced that the reports for the extra tokens would be available soon.
The report states that on November 22, 2022, Binance confirmed its proof of reserves and evidence of liabilities. The auditing firms noticed that the bitcoin exchange had scope assets that exceeded all platform liabilities by a significant margin. The balance of Bitcoin net users on Binance is currently 575742.4228.
The auditing firm asserted that it had compared the total value of each blockchain asset included by its purported comparison. However, they were not able to find any difference big than 1%.
The organisation looked for any duplicate user IDs in the Customer Liability Report. They found that the user IDs were only 16 bytes long and had been scrambled. But no more user identities were found.
