MEXC Global publishes proof of reserves after month long testing
The report showed high reserve ratios for USDT, USDC, BTC, and ETH. On Feb. 22, cryptocurrency exchange MEXC Global released its proof -of- reserve s (PoR) snapshot after 45 days of testing . In a document seen by Cointelegraph, MEXC claimed its reserve ratios for Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) were 120.70%, 240.18%, 116.50%, and 110.53%, respectively via the Merke Tree method. As of the date of snapshot on Feb. 10, MEXC held 232.4 million USDT, 33.0 million USDC, 1,869.0 BTC, and 12,472.0 ETH in custodied user assets. Meanwhile, the total assets held within MEXC wallets for the four coins were 280.6 USDT, 79.4 million USDC, 2177.5 BTC, and 13,785.6 ETH, respectively. A spokesperson for MEXC told Cointelegraph: "MEXC will provide monthly updates on users' asset data through the Merkle Tree. This Proof considers strong Proof that our users' assets are available for 1:1 redemption at any time. As the industry becomes more regulated, we ...