After the paranoia and chaos in the crypto industry caused by the FTX liquidity and bankruptcy scandal, significant digital-asset provider began publicizing their reserve funds.

The current to join the proof of reserve pattern is the Indian cryptocurrency exchange WazirX. It revealed its act of openness on Jan. 11, stating that:

“We are not only India’s biggest crypto exchange by volume however likewise India’s largest crypto exchange by reserves.”

WazirX utilized Coin Gabbar, a third-party crypto asset tracking platform, to show its evidence of reserves. According to the data, WazirX has roughly $285 million in total user possessions held in Tether (USDT) at the time of composing.

According to the declaration, 90% of user assets on WazirX are held in Binance-based wallets, with the remaining 10% stored in both hot and cold storage wallets. This amounts to approximately $256.5 million and $28.5 million, respectively.

WazirX releases proof of reserves with majority of funds in Binance wallets

Cast your vote now!The exchange stated it selected Binance because of the “strict protocols and industry-leading technical steps” it uses to secure user funds on its platform. It also guaranteed users of a more than 1:1 ratio to protect user funds in case of liquidation.

Currently, over 19% of the exchange’s holdings are in Shiba Inu (SHIB), followed by 9.37% in Ether (ETH), 8.28% in Bitcoin (BTC) and 8.18% in DogeCoin (DOGE).

Related: Indian exchange WazirX follows Binance in delisting USDC

In spite of being India’s largest exchange, WazirX was formerly in hot water with regional authorities due to money laundering charges. Funds on the exchange were frozen for simply over one month during the investigation.During this time, Binance openly distanced itself from the exchange through a tweet from CEO Changpeng Zhao, who stated Binance has no ownership of the exchange.Additionally, Binance agreed local authorities throughout the examination duration by getting rid of off-chain fund transfers with WazirX.Binance was the first exchange to reveal its proof of reserve plan post-FTX turmoil, which then triggered a domino of other exchanges to do the same.