Crypto.com Releases Cold Wallet Addresses of Select ‘Largest Assets’

Crypto.com, a Singapore-based cryptocurrency exchange, has published the cold wallet addresses of some of the largest assets on its platform. The exchange announced on Friday that the wallets consist of Bitcoin, Ether, ERC20 and other cryptocurrencies.

However, the exchange noted that the assets “represent only a portion of our reserve,” adding that combined with other digital assets, the company boasts of a reserve that stands at approximately USD 3 billion. Crypto.com further disclosed that the cold wallets contain about 53,024 BTC and 391,564 ETH.

According to Crypto.com, the BTC wallet addresses include:

• bc1qpy4jwethqenp4r7hqls660wy8287vw0my32lmy
• 3LhhDLBVWBZChNQv8Dn4nDKFnCyojG1FqN
• 3QsGsAXQ4rqRNvh5pEW55hf3F9PEyb7rVq
• bc1qr4dl5wa7kl8yu792dceg9z5knl2gkn220lk7a9
• bc1q4c8n5t00jmj8temxdgcc3t32nkg2wjwz24lywv
• 14m3sd9HCCFJW4LymahJCKMabAxTK4DAqW

The other wallets, that contain ETH, ERC20 and other cryptocurrencies, are:

• 0x72A53cDBBcc1b9efa39c834A540550e23463AAcB
• 0x7758e507850da48cd47df1fb5f875c23e3340c50
• 0xcffad3200574698b78f32232aa9d63eabd290703
• 0x6262998Ced04146fA42253a5C0AF90CA02dfd2A3

Meanwhile, Binance on Wednesday published the cold wallet addresses and balances of six of the 600 coins traded on its platform. Details shared by the top exchange showed that Binance has about 475,000 BTC, 4.8 million ETH, 17.6 billion USDT, 21.7 billion BUSD, 601 million USDC and 58 million BNB.

#Binance published cold wallet addresses and balances for 6 of our 600 coins. More to come.

475K BTC
4.8M ETH
17.6B USDT
21.7B BUSD
601M USDC
58M BNB

These were public before anyway, but organized together for your ease of viewing.https://t.co/Jm6dVoDqM5

— CZ 🔶 Binance (@cz_binance) November 10, 2022

“As part of Binance’s ongoing commitment to transparency and fostering trust in the ecosystem, we are sharing details of our hot and cold wallet addresses. This is a starting point while we work to create a Merkle tree POF that we will share with the community in the next few weeks,” Binance explained in a statement published on its website.

Renewed Interest in Proof of Reserves

A Proof of Reserves (PoR) is an independent audit conducted by a third party that seeks to confirm that a digital asset custodian truly holds the assets it claims it holds on behalf of its customers. According to the cybersecurity firm, Halborn, PoR "is a trusted way for users of crypto assets to verify that the balances they hold on exchanges are backed by real assets."

In the Friday statement announcing the cold wallets, Crypto.com harped on the importance of PoR for crypto exchanges, noting that its PoR “is underway.”

The exchange urged its users to expect “a full audited Proof of Reserves” from it in the next couple of weeks, adding that the audit will confirm its “full 1:1 reserve of all our customer's assets.”

“We share the belief that crypto platforms should be required to publicly share proof of reserves. We are already working to retain the services of a reputable auditor to assess and publish our proof of reserves,” Crypto.com explained.

Earlier on Wednesday, Kris Marszalek, the CEO of Crypto.com in a Twitter post emphasized the importance of proof-of-reserves, noting that “Crypto.com will be publishing our audited proof of reserves.”

We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and https://t.co/pFc4Pz9nFR will be publishing our audited proof of reserves.

— Kris | Crypto.com (@kris) November 10, 2022

Meanwhile, on Thursday, Binance CEO Changpeng Zhao also called for proof of reserves among crypto exchanges. Zhao also announced that “Binance will start to do proof-of-reserves soon.”

All crypto exchanges should do merkle-tree proof-of-reserves.

Banks run on fractional reserves.
Crypto exchanges should not.@Binance will start to do proof-of-reserves soon. Full transparency.

— CZ 🔶 Binance (@cz_binance) November 8, 2022

The renewed interest in proof-of-reserves comes after FTX’s liquidity crisis pushed the Bahamas-based cryptocurrency exchange, once described as the fastest-growing crypto exchange, into bankruptcy.