Binance unveils asset proof! 120,000 BTC, 1.9 million ETH, 6.95 billion USDT

The article "FTX Event Insight: 'Claims of Not Using User Assets are Unsubstantiated,' Can Your Exchange Do PoR Reserve Proof?" mentions the concept of PoR Reserve Proof. Binance founder Zhao Changpeng stated that they will introduce PoR to enhance the transparency of the exchange. Today, Binance has already disclosed the on-chain asset proof for B-Tokens, but it is not yet PoR. 11/11 Binance issued a correction stating it is for B-Tokens

Introduction to B-Tokens Asset Proof, Reserves Proof in Progress

On 11/10, Binance has provided the B-Tokens asset proof webpage: https://www.binance.com/en/collateral-btokens

B-Tokens refer to mapped tokens that are packaged through Binance's cross-chain bridge from the original native blockchain. Binance states, "The same token can circulate on two networks, and both can flow in both directions through the cross-chain communication mechanism." "The total circulation of the same token should be managed on two networks, meaning that the total effective supply of the token should be the sum of the individual total effective supplies of the token on BSC and BC." Binance emphasizes that this asset proof only represents B-Tokens assets that have been packaged through Binance's cross-chain bridge.

How much reserves do B-Tokens have?

Many wallet addresses and balances of assets can be verified. As of the deadline, there are 120,000 BTC on the Bitcoin network, 1.9 million ETH on the Ethereum network, 6.95 billion USDT on Ethereum and Tron, and 5.33 billion BUSD on Ethereum.

Using BTC as an example, in addition to the 120,000 BTC on the Bitcoin network, there are Wrapped Tokens, including 9,900 BTC on the Ethereum network, 7,170 BTCB BEP2, and 105,330 BTCB BEP20. In total, there are 247,400 bitcoins and bitcoin equivalents.

For ETH, there are 1.9 million ETH on Ethereum, and Wrapped Tokens include 51,653 ETH BEP2 and 1,353,346 BEP20, totaling 3.305 million ETH and ETH equivalents.

Regarding USDT, there are 1.25 billion on Ethereum and 5.7 billion on Tron; Wrapped Tokens include 94.4 million BEP2 and 49.7 billion BEP20, totaling 12.0144 billion USDT and USDT equivalents.

For BUSD, there are 53.255 billion BUSD on Ethereum; Wrapped Tokens include 96.28 million BEP2, 47.5 billion BEP20, 10 million AVAX, and 40 million POLYGON, totaling 101.76 billion BUSD and BUSD equivalents.