Binance Proof-of-Reserve: Converting Large USDC Reserves to BTC and ETH Between March and May

Odaily Planet Daily News Binance released the latest Proof of Reserve (PoR) on August 1. The latest audit of reserves shows that Binance holds enough cryptocurrency and cash to cover user funds. The ratio of the net balance of all Binance assets to the net balance of customers exceeds 100%. PoR shows that Binance’s USDC balance decreased from over $3.4 billion on March 1 to approximately $23.9 million on May 1. On-chain data shows that after Silvergate collapsed on March 12, Binance began converting its USDC reserves into Bitcoin and Ethereum. On-chain analyst Aleksandar Djakovic pointed out that Binance purchased about 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling about $3.5 billion, the same amount as its USDC surplus. (Cointelegraph)