CryptoQuant CEO shed light on Crypto.com Shiba Inu holdings in the past year.
Days after Crypto.com revealed that it holds 20% of its reserve in Shiba Inu, a prominent cryptocurrency analyst has shed more light on the exchange’s SHIB holdings over the past 12 months.
In a tweet today, Ki Young Ju, the CEO of cryptocurrency data platform CryptoQuant, said that over the past 12 months, the number of Shiba Inu tokens in Crypto.com’s reserve has slumped 16%. In a similar development, CryptoQuant CEO also disclosed that the exchange’s Shiba Inu reserve has decreased 88% by dollar value in the past 12 months.
According to the chart shared by Ju, Crypto.com still holds $505 million worth of SHIB, adding: “Shiba Inu coin reserve is the second biggest, followed by Bitcoin. [SHIB reserve is worth] $505M as of today.”
$SHIB reserve decreased by -16% in token terms and -88% in dollar terms over the past 12 months.
Shiba Inu coin reserve is the second biggest, followed by Bitcoin. $505M as of today. pic.twitter.com/t2mjtI7agT
— Ki Young Ju (@ki_young_ju) November 14, 2022
Crypto Exchange’s Proof-of-Reserves
It can be recalled that following the collapse of the FTX exchange, cryptocurrency firms agreed that there was a need for more transparency in the space to build trust among investors. Crypto.com took a major step in this direction by releasing preliminary audits showing its proof-of-reserves.
Last week, Crypto.com CEO Kris Marszalek said the exchange has a total of $3 billion in its reserves while urging users to expect a fully audited proof-of-reserve of the exchange’s crypto holdings in the coming weeks.
Please expect a full audited Proof of Reserves from us in the next couple of weeks, confirming the full 1:1 reserve of all customer assets.
— Kris | Crypto.com (@kris) November 11, 2022
He added that Crypto.com collaborated with Nansen.com to develop a single dashboard that tracks all assets in the exchange’s wallet.
Current State of Assets in Crypto.com’s Reserve
According to Nansen data, the total value of crypto assets in Crypto.com’s cold wallet has slumped from $3 billion to approximately $2.25 billion. Out of the $2.25 billion worth of assets in Crypto.com’s cold wallet, Shiba Inu accounts for $508.7 million (55.96T SHIB), representing nearly 22% of the exchange’s entire reserve.
Bitcoin remains the exchange’s top holding by dollar value, representing 30.69% of the entire reserve. Ethereum (ETH) accounts for 17.01%, while Tether (USDT) represents 5.85%.
As reported over the weekend, a spokesperson for Crypto.com explained that the exchange’s proof-of-reserves is dictated by customers’ holdings.
“The reason our Proof of Reserves includes Shiba is that we hold customers’ balances 1:1. Thus, our Proof of Reserves is dictated by our customer holdings.”