ChainAegis: On-Chain Analysis of Top 20 Centralized Exchange Fund Reserves - Part 3
SharkTeam utilizes the ChainAegis on-chain analysis platform to select the top 20 centralized exchanges based on Coinmarketcap trading volume rankings. Through completely transparent and trustworthy on-chain analysis, combined with officially disclosed exchange addresses, we provide systematic and reliable analysis of each exchange's liquidity fund reserves for investor and user reference. This Part 3 includes on-chain analysis results for 6 exchanges: Bithumb, Bitget, MEXC, Upbit, BitMEX, and Coinone.
SharkTeam utilizes the ChainAegis on-chain analysis platform to select the top 20 centralized exchanges based on Coinmarketcap trading volume rankings. Through completely transparent and trustworthy on-chain analysis, combined with officially disclosed exchange addresses, we provide systematic and reliable analysis of each exchange's liquidity fund reserves for investor and user reference.
This Part 3 includes on-chain analysis results for 6 exchanges: Bithumb, Bitget, MEXC, Upbit, BitMEX, and Coinone. Previous publications have already covered major centralized exchanges including Binance, Coinbase, Gemini, OKX, Huobi, Kucoin, Kraken, Bitfinex, Bitstamp, bitFlyer, Gate.io, Gemini, and Crypto.com.
## 1. Bithumb Exchange
Bithumb has not officially disclosed fund reserves or on-chain addresses. According to ChainAegis on-chain data, Bithumb's total liquidity assets amount to $246,103,418.02, with snapshot time: November 21, 2022, 15:00.
Through Bithumb's asset distribution chart, we can see that ETH accounts for the highest proportion, nearly 100%.
Note: For complete data, please contact the SharkTeam for access.
## 2. Bitget Exchange
On November 9, Bitget Managing Director Gracy Chen tweeted that market confidence and transparency are important pillars for long-term development. Bitget previously launched a $200 million trading protection fund to rebuild market confidence, and will also publish Bitget's Merkle Tree proof of reserves to increase transparency. On November 15, Gracy Chen tweeted to announce their exchange reserve proof, including 6,500 BTC and 200 million USDT.
According to ChainAegis on-chain data and combined with officially disclosed addresses, Bitget's total liquidity assets amount to $310,676,737.97, with snapshot time: November 21, 2022, 11:17.
Through Bitget's asset distribution chart, we can see that Bitget's fund reserves mainly come from BTC and USDT, with USDT value reserves approximately twice that of BTC value.
Others (ETH, TRX, BUSD, DAI, MATIC)
Note: For complete data, please contact the SharkTeam for access.
## 3. MEXC Exchange
MEXC has not yet published reserve asset addresses or audit reports. On November 14, they announced they are preparing a Proof of Reserve audit, with completion time yet to be announced. According to ChainAegis data statistics, total liquidity assets amount to $40,585,476.58, with snapshot time: November 21, 2022, 14:00.
Through MEXC's asset distribution chart, we can see ETH ranks first at 53%, followed by BUSD at 18%.
## 4. Upbit Exchange
Upbit has not disclosed any asset reserve-related addresses. According to ChainAegis data statistics, total liquidity funds amount to $84,658,742.27, with snapshot time: November 21, 2022, 13:40.
Upbit's asset reserves are almost entirely TRX, accounting for nearly 100%.
## 5. BitMEX Exchange
On November 9, BitMEX officially published a snapshot of Bitcoin reserves and liability proof, with snapshot time of November 9, showing Bitcoin reserves of 75,914.7 coins and user liabilities of 75,758.3 coins. Simultaneously, BitMEX released a downloadable list containing Bitcoin addresses and snapshot times, Bitcoin balances held by each address. The list also includes execution scripts for each custodied UTXO, which include BitMEX public keys to prove their ability to access all funds.
According to ChainAegis data statistics, excluding BTC, BitMEX's total liquidity reserves amount to $242,252,729.67. Primarily USDT, accounting for 73%. Snapshot time: November 21, 2022, 14:23.
Others (WBTC, DAI, MATIC)
## 6. Coinone Exchange
According to ChainAegis data statistics, Coinone's total liquidity reserves amount to $130,844,820.86. Primarily ETH, accounting for 99%. Other TRX, BUSD, DAI, and USDT reserves combined account for 1% of total exchange reserves. Snapshot time: November 21, 2022, 15:30.
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 blockchain and smart contract underlying theory, providing services including smart contract audits, 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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