ChainAegis: On-Chain Analysis of Top 20 Centralized Exchange Fund Reserves - Part 2

SharkTeam utilizes the ChainAegis on-chain analysis platform to select the Top 20 centralized exchanges based on Coinmarketcap trading volume rankings. Through fully transparent and trustworthy on-chain analysis combined with publicly disclosed exchange addresses, we provide systematic and reliable analysis of each exchange's liquidity fund reserves for investor and user reference.

Part 1 covered Binance, Coinbase, Gemini, OKX, Huobi, and Kucoin. Part 2 includes on-chain analysis results for another 6 exchanges: Kraken, Bitfinex, Bitstamp, bitFlyer, Gate.io, Gemini, and crypto.com.

## 1. Kraken Exchange

Since 2014, Kraken has undergone quarterly Proof of Reserve audits by Armanio. The latest audit results are as follows.

According to ChainAegis on-chain data, Kraken's total liquidity assets amount to $3,364,938,464.6399, snapshot time: November 18, 2022, 10:00 (corresponding token prices also reference snapshot time).

Through Kraken's asset distribution chart, we can see that ETH holdings account for the highest proportion at 74%, with USDT and USDC reserves holding equivalent value.

Note: For complete data, please contact the SharkTeam for details.

## 2. Bitfinex Exchange

In June 2018, Bitfinex developed an open-source library called Antani, aimed at providing transparency regarding proof of solvency, custody, and proof of off-chain delegated voting. This system allows users to verify their balances without compromising privacy. The Antani open-source library also contains the exchange's wallet addresses.

According to ChainAegis on-chain data and statistics combined with addresses from the Antani open-source library, Bitfinex's total liquidity assets amount to $6,555,722,171.74499, snapshot time: November 18, 2022, 14:00 (corresponding token prices also reference snapshot time).

Through Bitfinex's asset distribution chart, we can see that BTC and ETH reserves are distributed relatively evenly.

Others: (USDT, TRX, MATIC)

Note: For complete data, please contact the SharkTeam.

## 3. Bitstamp Exchange

Bitstamp has not disclosed any asset reserve-related addresses. According to ChainAegis data statistics, total liquidity assets amount to $61,588,532.01, snapshot time: November 18, 2022, 13:00.

Through Bitstamp's asset distribution chart, ETH accounts for the highest proportion, followed by USDT.

Others: (BUSD, DAI)

## 4. bitFlyer Exchange

bitFlyer has not disclosed any asset reserve-related addresses. According to ChainAegis data statistics, total liquidity funds amount to $95,146,386.11, snapshot time: November 18, 2022, 15:00.

bitFlyer's asset reserves are mainly ETH, accounting for 99%.

## 5. Gate.io Exchange

According to ChainAegis on-chain data, total liquidity assets amount to $91,561,910.9208673, snapshot time: November 18, 2022, 13:53. In Gate.io's asset allocation, ETH accounts for the highest proportion at 77%, which is 5.5 times the fund reserves of BTCB, ranking second.

Others: (BTC, BNB, DAI, WBTC, BUSD)

On November 11, Gate.io officially stated that it had no significant transactions with FTX or Alameda and published a Proof of Reserve report conducted by Armanio. The report currently only includes partial Merkle proofs and has not yet provided complete reserve fund addresses.

## 6. crypto.com Exchange

On the evening of November 11, crypto.com officially shared cold wallet addresses for some top assets on its platform via Twitter, containing approximately 53,024 BTC and 391,564 ETH, plus other assets totaling approximately $3 billion. They promised to provide fully audited proof of reserves within the coming weeks.

According to ChainAegis data statistics, Crypto.com's total liquidity reserves amount to $1,384,942,024.21972. Primarily consisting of BTC and ETH, with ETH reserve value equivalent to stablecoin USDC value. Snapshot time: November 18, 2022, 15:37.

Note: Others (DAI, WBTC, WETH, BUSD, TRX)

Note: Token prices used - BTC: $16,700; ETH: $1,230; BNB: $275; TRX: $0.05; DAI: $1; MATIC: $0.92; BUSD: $1

## About Us

SharkTeam's vision is to comprehensively protect the security of the Web3 world. The team consists of experienced security professionals and senior researchers from around the world, proficient in the underlying theory of blockchain and smart contracts, providing services including smart contract auditing, on-chain analysis, and emergency response. We have established long-term partnerships with key participants across various fields of the blockchain ecosystem, such as Polkadot, Moonbeam, Polygon, OKC, Huobi Global, imToken, and ChainIDE.

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