Argentine exchange Buenbit releases proof of funds after FTX collapse

Argentine Exchange Buenbit Releases Proof of Funds After FTX Collapse - VB3YF5A2DEIGKXWQUK755FVOLAThe bitcoin exchange (quotation BTC) and cryptocurrency Buenbit, based in Argentina, has released its proof of the funds. This follows the disclosure trend, which began days ago by other companies in the wake of the FTX stock market crisis.

The proof was drawn up, signed and sealed by the accountant Marcos Zocaro

This shows the correspondence of the addresses of the wallets created by the exchange. The company claims to be the owner, owner and manager of the portfolios indicated in the test, as well as of the respective assets held in them.

Buenbit's paper shows that a large portion of the reserves are denominated in stablecoins, such as USD Coin (USDC), Binance USD (BUSD), DAI (DAI) and USD Tether (USDT).

To name a few examples, Buenbit has approximately 25,2 million units of USDC and more than 350.000 units of BUSD in reserve on different networks. At the same time, they have just over 21,1 million IADs and 1,26 million USDT.

They also have reserves of UST 146.000, which was Terra's stablecoin, another failed project. Deposits in decentralized finance protocols (DeFi) also stand out, with figures equal to 119 stMatic, for example, in a protocol called Beefy. The latter is linked to Curve, a decentralized exchange (DEX) breached three months ago.

Buenbit's reserves also show a low presence of investments in bitcoin, the first cryptocurrency (compared to other cryptoassets). The document shows that there are addresses created by the exchange with total balances of 470 BTC.

Meanwhile, the presence of ether (ETH), the second largest cryptocurrency by market capitalization, is more abundant among Buenbit's holdings, as there are more than 7.200 units of ETH in the company's treasury.

It is not an absolute proof of "title or ownership"

The proof of Buenbit's funds, as mentioned, was signed by the accountant Zocaro. He is an Argentine professional linked to the cryptocurrency ecosystem.

In the document he signed, the specialist clarifies that he only verified that the company could send the tokens from one wallet to another and that this "does not constitute absolute proof of ownership or possession".

Furthermore, the existence of any type of constraint on assets or contracts for the transfer of rights to third parties has not been verified. Furthermore, "this report does not represent any opinion on the solvency of the company," according to Zocaro.

The document, available on the website, was published in the wake of the collapse of the FTX exchange, once one of the largest and most important exchanges in the market. In the wake of the crash, several exchanges, such as Binance, Coinbase and Huobi, have decided to conduct backtesting in an attempt to preserve user confidence in a chaotic scenario.