Bitget June Proof of Reserves (PoR) Shows 46% Increase in Ethereum (ETH) User Assets

(PRESS RELEASE – Victoria, Seychelles, June 25, 2024)

bitgetthe world's leading cryptocurrency exchange and Web3 company, has shared its monthly update for the transparent monitoring of its proof of reserves (PoR), highlighting the reserve indices of bitcoin (btc), ethereum (eth), USDT and USDC. Compared to May, users' amount of btc, USDT, and eth increased by 9%, 10%, and 46% in June. The recent POR report emphasizes Bitget's security with over 163% reserve ratio accounting for all assets. The btc, eth and USDT ratios are 294%, 169% and 103% respectively, while USDC is covered by more than 662%.

At the time of this post, Bitget PoR has over 5,714 btc, 68,674 eth, 935 million USDT, and 60 million USDC. Total reserves amount to $2.9 billion, symbolizing Bitget's efforts to maintain a secure exchange.

The updated PoR shows Bitget's dedication to maintaining 100% reserves above industry standards, effectively ensuring that users' assets are safe. The platform is able to cover user withdrawals even if all of the user's assets are withdrawn.

Bitget's PoR in June verifies its users' holdings through cryptographic proofs, public wallet ownership, and recurring audits. The custodian provides transparency and proof of the existence of liquid reserves on the chain that exceed or equal the sum of all user holdings. To achieve this, Bitget stores the hash of each user account's assets in a leaf node in the Merkle tree. Each user can verify that their assets exist in the Merkle tree by checking the total number of the user's assets stored in the leaf nodes of the Merkle tree.

“As Bitget rises to become one of the largest WEB3 companies, it is important to highlight that this growth has been achieved by constantly building an ecosystem of products that users truly trust and feel safe and easy to use.” . Being the first to adopt transparent PoR, we believe that user safety is our priority,” he said. Gracy Chen, CEO of Bitget

In addition to maintaining a PoR above the industry standard, Bitget further secures its users with a $300 million protection fund, now valued at over $400 million according to its latest report. protection fund report. This gives the platform an additional layer of resilience against cybersecurity threats. Users whose accounts are compromised in unfortunate incidents not attributed to their own actions or trading behavior can file a claim through the Bitget Protection Fund.

Bitget continues to lead the crypto derivatives market, with its open interest (OI) indicator surpassing $6 billion last month, securing a substantial 25% share of the total market. In the last 30 days, Bitget Recorded the highest monthly entry among all centralized exchanges, with 1.3 billion dollars in new capital, strengthening its position as an industry leader.

To track PoR in real time, users can visit: https://www.bitget.com/proof-of-reserves

About Bitget

Established in 2018, bitget is the world leader cryptocurrency exchange and Web3 company. Serving over 25 million users in over 100 countries and regions, Bitget Exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers a variety of comprehensive Web3 solutions and features including wallet functionality, exchange, nft Marketplace, DApp browser, and more. Bitget inspires people to embrace cryptocurrencies through collaborations with credible partners, including legendary Argentine footballer Lionel Messi and Turkish national athletes Buse Tosun Çavuşoğlu (world wrestling champion), Samet Gümüş (boxing gold medalist) and İlkin Aydın (national volleyball team).

For more information, users can visit: Website | twitter.com/bitgetglobal” target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”>twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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