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FTX debacle sees Nansen take inventory of main alternate onchain holdings

ETHHERO November 15, 2022 2 min read



The collapse of cryptocurrency alternate FTX has put trade friends below the microscope with requires clear accounts of token holdings and property below 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 other tokens off exchanges to keep away from potential contagion from the FTX fallout.

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

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

The property and web value of the exchanges is the sum of holdings in pockets addresses offered by the corporations on blockchains that Nansen displays. The analytics platform additionally notes that the figures are usually 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, extensively considered the most important world alternate by transaction quantity, holds round $64.Three billion value of property throughout the Bitcoin, Ethereum, TRON and BNB blockchains. This eclipses the opposite exchanges by a considerable quantity.

Bitfinex has the second largest asset holdings in reserve of the seven exchanges in response to knowledge 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.Three 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 advised Cointelegraph that the agency is planning to publish preliminary findings on the FTX scenario this week. Nansen beforehand unpacked onchain findings after the cataclysmic collapse of the Terra ecosystem in Could 2022.