Bitfinex CTO has publicly released the exchange’s first proof of reserve!

This year, the collapse of major crypto ecosystems like FTX and Terra highlighted the importance of transparency around the actual reserves held by crypto exchanges and businesses. Amid the ongoing fear, uncertainty and doubt (FUD) in the market, crypto exchange Bitfinex has publicly released its proof of reserve.

In the past few days, major cryptocurrency exchanges such as Binance, OKX, Kucoin, and have announced that they will share their proof of reserve to regain investor confidence. Bitfinex CTO Paolo Ardoino has publicly shared Bitfinex’s main wallet listings, which were last updated on October 11th.

Bitfinex CTO has publicly released the exchange's first proof of reserve!
GitHub repository showing Bitfinex proof of reserve. Source: GitHub

As shown above, Ardoino has shared Bitfinex’s proof of reserve on GitHub. There are 135 hot and cold wallets in these reserves. The exchange also listed a number of key assets of the company, such as 204,338,17967717 BTC and 122,560 ETH, saving users the trouble of reviewing addresses.

Bitfinex developed an open source library called Antani in 2018. This open source library was intended to provide transparency on proof of reserve, retention and off-chain vote proof. However, Ardoino has confirmed that while it has been overlooked in the past, Bitfinex plans to revive the system that will allow users to verify their balances without sacrificing privacy.

Bitfinex CTO has publicly released the exchange's first proof of reserve!
Targets of the open source library Antani by Bitfinex. Source: Antani white paper

Antani’s whitepaper suggests that users will be able to verify their balance with the cryptosystem. The whitepaper also claims that it will allow Bitfinex users to verify the existence of their funds and eliminate the risk of losing fixed value.

While this app has received a warm welcome from the community, members pointed out that data is lacking as it excludes Bitfinex’s liability figures.

You may be interested in: OKX and Kucoin set date for Proof of Reserve implementation

Hardware-based cryptocurrency wallet provider Ledger has suffered a temporary server outage as crypto exchanges hit massive exits in the wake of the FTX crisis.

Thereupon, Ledger CTO Charles Guillemet said, “After the FTX earthquake, big money outflows are taking place from the stock markets.” Guillemet also stated that the systems started working again very soon after the server outage.

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