At least nine cryptocurrency exchanges have come forward to provide proof of fund reserves as the market comes to terms with insolvency fears on the heels of FTX’s native token (CRYPTO: FTT) falling off a cliff.
The FTT plummeted 86% over the last seven days and 77% over the course of 24 hours at the time of writing. Binance (CRYPTO: BNB) CEO Changpeng Zhao, who recently unveiled plans to liquidate his company's entire FTX native token holdings, is now urging exchanges to “do Merkle-tree proof-of-reserves.”
