cbBTC Proof of Reserves: Coinbase Reveals 1:1 Bitcoin Backing
To cope with increasing concerns about transparency, Coinbase has released a proof of reserves (go through) Packed Bitcoin token CBBTC.
The move is designed to assure users that Bitcoin (BTC) held by Exchange will back up 1:1 per CBBTC.
Coinbase reveals CBBTC reserve proof
According to POR data, Shared The total reserve is 26,525.15 BTC and the corresponding CBBTC power supply is 26,461.05 tokens.
The distribution of CBBTC in each network is as follows: Ethereum host 16,080 CBBTC, the cardinality contains 7,655.391 CBBTC, Solana Holds 2,673.489 CBBTC and arbitrator There are 51.395 CBBTC.
CBBTC reserve certificate. source: Common cases
Coinbase also discloses specific bitcoin addresses and their balances, thereby increasing the transparency of its reserves. According to the data, wallets that retain the largest portion of these reserves include 690 BTCthe current price is about $65.8 million. Meanwhile, each wallet accommodates 480.984 BTC. The rest of BTC is distributed among several other wallets.
This development comes after criticism from famous figures in the cryptocurrency community. Justin Sun, Founder of Tronpreviously tended to CBBTC lack transparency and centralization.
As Beincrypto reported, the sun Express attention CBBTC lacks Certificate of retentionUnaudited, the balance can be frozen at any time. Sun warned that such centralized control could lead to a response to government actions.
“CBBTC lacks proof of reservation, has no audit, and can freeze anyone’s balance at any time. Essentially, it’s just “believe me.” Any U.S. government subpoena can grab all your BTC. There’s nothing better for central bank bitcoin than this Representative. It was a dark day for BTC,” Justin Sun Write On X.
Although Coinbase introduces CBBTC’s POR solves some transparency issues, user concerns still exist.
“You also talked about Solana’s evidence or retention, but it happened to be wrong and our transaction was stuck for 24 hours,” said the user on X Challenged.
User referenced the latest event involving delay Solana (Sol) Transactions on the platform result in more than 14 hours of execution waiting. This leads to speculation that Coinbase may be the user’s points sol Without consent, Delay due to disassembly process. This approach raises questions about the liquidity and operational integrity of the exchange.
“Save Sol in Coinbase, they take your SOL and put it down to earn your deposit, oh no – if everyone wants all Sol at once, they don’t have your liquidity” Summarize.
It is worth noting that the joint support Attributable to These delays to “technology and blockchain issues.” However, users call for clear evidence of its liquidity and operational integrity. In view of these events, the cryptocurrency community continues to advocate for greater transparency and accountability in centralized communication.
Coinbase’s implementation of CBBTC reserves proves a step towards rebuilding trust. However, ongoing scrutiny shows that users are pursuing Management and make sure Their assets on such platforms.
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