Which Exchanges Are SAFE & Which Are The NEXT FTX?!

"since December of last year okx has been publishing these proof of reserves on a monthly basis through the use of these aforementioned ZK proofs users are able to check that their balances have been included in the most recent snapshot"

"meanwhile on the asset side of the equation these are onchain and so can be independently observed and monitored okx publishes all its exchange addresses and you can check the balances of these in real time using tools such as nanson for example"

"now for those unfamiliar the reserve ratio is just a measure of solvency I.E assets divided by liabilities over 100% means fully backed here you can see that all assets fully cover liabilities for those coins and tokens"

"the exchange was able to secure a s SO2 type 2 certification this is an industry standard certification which is able to demonstrate that the company's processes for governing its services managing sensitive data and protecting data privacy meet the highest Global standards"

"bibit began conducting proof of Reserve audits late last year with its first Merkel tree liability proofs taking place in December since that time it's conducted five proof of Reserve audits in total with the latest taking place on the 14th of August"

"the reserve ratios have been broken down per ass asset and all assets are fully backed total assets are also verifiable on chain and can be seen using tools like nanson here you can see the total assets that are held by all of bit's Reserve addresses"

"bybit also has a number of tools that customers can make use of to prevent unauthorized account access if you do use bibit or any other exchange for that matter we encourage you to use these tools which which include whitelisted wallet addresses two Factor authentication preferably with a security key anti fishing codes and whitelisted IP addresses"

"binance has also published regular proof of reserves it started its first one back in November of last year and has published monthly on since then you can see its most recent one over here it's broken down into the individual assets as also done by okx and bybit"

"those assets are also fully verifiable on chain which can also be seen with nansen's exchange dashboard"

"binance has also transitioned from Merkel Tre proofs to ZK Stark technology this allows users to not only make sure that their accounts were included in the snapshot but also to confirm that all balances that have been disclosed are correctly accounted for in the snapshot"

"sometimes billions at a time you only need to cast your mind back to the pandemonium that ensued following the FTX collapse in December last year there was a period where binance processed over $3 billion do of withdrawals in 24 hours a trial by fire that no other exchange has been put through"

"however in the wake of that hack and numerous other threats faced since then binance has implemented rocksolid systems not only to prevent hacks but also to track them and assist authorities in locating online miscreant"