Argentina’s Buenbit unveiled proof of funds after FTX collapse

Argentina-based bitcoin (BTC) and cryptocurrency exchange Buenbit has made public its proof of funds. This follows the trend of disclosure started days ago by other companies after the FTX exchange crisis.

The proof was prepared, signed and sealed by accountant Marcos Zocaro. It reads. shows the correspondence of portfolio addresses created by the exchange. The company claims to be the owner, proprietor and responsible for the portfolios on display, as well as the respective assets held therein.

Buenbit’s document points out that most of the reservations are expressed in. stable cryptocurrencies (stablecoin)such as USD Coin (USDC), Binance USD (BUSD), DAI (DAI) and USD Tether (USDT).

Just to name a few examples, Buenbit has in reserve – in different networks – about 25.2 million units of USDC, as well as more than 350 thousand units of BUSD. At the same time, they have just over 21.1 million IAD and 1.26 million USDT.

Also highlighted are the reserves in 146 thousand UST, which was Terra’s stablecoin, another failed project. Deposits in protocols of decentralized finance (DeFi)with figures of 119 thousand stMatic, for example, in a protocol called Beefy. The latter is linked to Curve, a decentralized exchange (DEX). hacked three months ago.

Buenbit reserves also. show a low presence of bitcoin investmentsthe 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 most abundant among Buenbit’s holdings, with over 7,200 units of ETH in the company’s treasury.

This is not absolute proof of “ownership or possession.”

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

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

He argued that he did not even verify the existence of any kind of lien on the assets, as well as contracts to assign rights to third parties. Moreover, “this report does not represent any opinion on the solvency of the company,” according to Zocaro.

The document, available on the website, is published following the collapse of the FTX stock marketwhich was once one of the largest and most important exchanges in the market. In the wake of this collapse, several exchanges, such as Binance, Coinbase, and Huobi, decided to to conduct reserve testsin an attempt to preserve user confidence in a chaotic scenario.