One-Fifth of Crypto.com Reserve Is Made Up Of This Altcoin!

FTX After the recent events in the crypto market, the trust in the crypto markets disappeared with the official declaring of bankruptcy today. In recent days, investors have been requesting information from the platforms where they trade or store their cryptocurrencies.

Kris Marszalek, chief executive of Singapore-based crypto exchange Crypto.com, which has shined in recent years, made a statement on Twitter. Marszalek announced that the giant exchange will soon switch to a “proof of reserve” system.

While the Proof of Reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top assets on our platform.

This represents only a portion of our reserves: about 53,024 BTC, 391,564 ETH, and combined with other assets for a total of ~US$ 3.0b

— Chris | Crypto.com (@kris) November 11, 2022

“We are continuing our preparations for the proof-of-reserve system. Today, we will share with you in which cold wallets our stock exchange reserves are located. There are 53 thousand Bitcoins and 390 thousand Ethereums on our exchange.”

Crypto.com crypto follower after manager’s statements nansenshared the reserve distribution of the giant stock market visually.

A very interesting detail caught the eye in the stock market reserve data shared by Nansen. 30% of the Crypto.com exchange’s reserves are made up of BTC, the second largest reserve source after Bitcoin. Shiba Inu (SHIB) it happened. According to the data, the meme token accounts for one-fifth of the giant exchange’s existence.

On the other hand, the stock market stablecoin reserves make up only 11% of the general total. The discovery of a joke-themed cryptocurrency in one-fifth of a giant stock market’s reserves worried many market participants. The crypto community is debating the necessity for a serious crypto platform to hold SHIB.