90% of India's largest crypto exchange funds are in Binance wallet
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90% of WazirX's User Assets Are in Binance Wallets, According to Proof-of-Reserves Report
"We are not only India's largest crypto exchange by volume but also Indias largest crypto exchange by reserves," a WazirX blog post said.
Indian crypto exchange WazirX released its proof-of-reserves report, and with that disclosed that 90% of its user assets are held in Binance wallets.
CoinGabbar, a third-party platform that tracks crypto assets, released WazirX's proof of reserves. At the time of writing, WazirX had $285 million of total user assets, displayed in the form of stablecoin USDT, which is pegged to the U.S. dollar. Of the total user assets, around 92%, or $259.07 million, was held in Binance wallets, with $26.45 million being held in other exchanges.
"The total assets held by WazirX are greater than the assets held by WazirX on behalf of its users," a WazirX blog post said. "With this, we are not only Indias largest crypto exchange by volume but also Indias largest crypto Exchange by reserves."
"90% of user assets are held in wallets at Binance, and the balance of 10% is stored in hot and warm wallets," WazirX added.
https://www.coindesk.com/policy/2023/01/11/90-of-wazirxs-user-assets-are-in-binance-wallets-according-to-proof-of-reserves-report/
"We are not only India's largest crypto exchange by volume but also Indias largest crypto exchange by reserves," a WazirX blog post said.
Indian crypto exchange WazirX released its proof-of-reserves report, and with that disclosed that 90% of its user assets are held in Binance wallets.
CoinGabbar, a third-party platform that tracks crypto assets, released WazirX's proof of reserves. At the time of writing, WazirX had $285 million of total user assets, displayed in the form of stablecoin USDT, which is pegged to the U.S. dollar. Of the total user assets, around 92%, or $259.07 million, was held in Binance wallets, with $26.45 million being held in other exchanges.
"The total assets held by WazirX are greater than the assets held by WazirX on behalf of its users," a WazirX blog post said. "With this, we are not only Indias largest crypto exchange by volume but also Indias largest crypto Exchange by reserves."
"90% of user assets are held in wallets at Binance, and the balance of 10% is stored in hot and warm wallets," WazirX added.
https://www.coindesk.com/policy/2023/01/11/90-of-wazirxs-user-assets-are-in-binance-wallets-according-to-proof-of-reserves-report/
What the hell is going on?
If binance falls, there will be something like a Domino effect for sure! How come an exchange is custodian its funds in another one?
No doubt, all our funds should be in a personal cold storage, a hardware wallet is the best for most of us.