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The process is facilitated by what’s known as a “merkle proof,” which is a cryptographic tool that helps create a summary of funds held in an exchange’s wallets and generates a proof that can be verified on-chain, all without exposing sensitive customer information. On-chain data provider Nansen used the data provided to compile a dashboard that shows Binance reserves. At the time of writing, the dashboard indicates that Binance’s net worth currently stands at $72,661,359,625.28.
Kris Marszalek, the CEO of Crypto.com, was also quick to provide insight into the funds held in its wallets as rumors of massive exposure to FTX circulated.
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