Amid FTX Collapse, Exchanges Pledge $2.5 Billion to Person Safety Fund: Report


Amid the collapse of FTX, most respected cryptocurrency exchanges have adopted person safety funds, in keeping with a brand new report launched June 14 by blockchain analytics agency Nansen. Exchanges equivalent to Binance, OKX and Bitget nominally maintain greater than $2 billion in fiat safety funds. In the meantime, Huobi’s insurance coverage fund has 20,000 pledged (BTC), Coinbase (NASDAQ:) will insure UK shoppers’ accounts price as much as £150,000 ($189,140). The Nansen researchers wrote:

Amongst them, Binance stays the chief in each spot and derivatives buying and selling quantity. Within the spot section, the alternate has a 69% share of the general market, with month-to-month buying and selling quantity of $209.5 billion in Could. Within the spot market, Kraken noticed the largest enhance in buying and selling quantity, reaching $18.9 billion in his six months after the FTX collapse, a rise of 14.35% in comparison with the earlier six months. . In the meantime, Bitfinex noticed the largest drop in buying and selling quantity, dropping 59.5% to $5 billion over the identical interval.

Many exchanges have person safety funds, however not all exchanges disclose their on-chain addresses.Supply: Nansen

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