Home / Sharemarket News /LBank Announces To Publish An Auditable Merkle Tree And Proof Of Reserves (POF)

LBank Announces To Publish An Auditable Merkle Tree And Proof Of Reserves (POF)

12 Nov 2022

According to Flightradar24’s official Twitter account, the most tracked flight at 3:33 a.m. on Nov. 12, 2022, was Sam Bankman-Fried’s (SBF) private jet flying from the Bahamas to Argentina. While the flight track doesn’t mean SBF took the flight, a number of people suspected someone from SBF’s inner circle did fly out of the Bahamas. The former FTX CEO, however, texted Reuters after the flight and told the news outlet he did not leave the Bahamas.

The former FTX CEO and frontman, Sam Bankman-Fried (SBF), has been under the spotlight all week after his exchange, which was once worth $32 billion, shuddered and filed for bankruptcy protection.

Following the bankruptcy registration in Delaware, FTX US users started to complain about withdrawal issues. Then reports on Nov. 12, at around 3:00 a.m. (ET) indicated that FTX wallets may have been hacked. Some of the funds were sent to Kraken and Kraken’s chief security officer, Nick Percoco, told the public they have identified the user.

Interestingly, roughly around the same time, people started to notice FTX wallets were getting drained, Flightradar24’s official Twitter account tweeted about the most tracked flight at around 3:33 a.m. on Nov. 12, 2022.

“Most tracked flight right now,” Flightradar24 wrote. “According to tweets, the founder and former CEO of [FTX] is en route to Argentina after the FTX collapse earlier this week.”

Some observers of the Flightradar24 tweet, like the popular whistleblower Fatman, did not like Flightradar24’s statement. “Shouldn’t be tweeting this. Zero confirmation or evidence of this being SBF,” Fatman replied to Flightradar24’s tweet.

While the radar report does show SBF’s private jet did embark to Argentina, there’s no way of telling who was on the trip without the official flight logs. Following the speculation, the news publication Reuters published an article that said SBF did not leave the Bahamas.

“When asked by Reuters whether he had flown to Argentina, Bankman-Fried responded in a text message: ‘Nope.’ He told Reuters he was in the Bahamas,” the article’s author explained.

What do you think about the tweet from Flightradar24 and the following report from Reuters that says SBF claims he is still in the Bahamas? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

According to Flightradar24’s official Twitter account, the most tracked flight at 3:33 a.m. on Nov. 12, 2022, was Sam Bankman-Fried’s (SBF) private jet flying from the Bahamas to Argentina. While the flight track doesn’t mean SBF took the flight, a number of people suspected someone from SBF’s inner circle did fly out of the Bahamas. The former FTX CEO, however, texted Reuters after the flight and told the news outlet he did not leave the Bahamas.

The former FTX CEO and frontman, Sam Bankman-Fried (SBF), has been under the spotlight all week after his exchange, which was once worth $32 billion, shuddered and filed for bankruptcy protection.

Following the bankruptcy registration in Delaware, FTX US users started to complain about withdrawal issues. Then reports on Nov. 12, at around 3:00 a.m. (ET) indicated that FTX wallets may have been hacked. Some of the funds were sent to Kraken and Kraken’s chief security officer, Nick Percoco, told the public they have identified the user.

Interestingly, roughly around the same time, people started to notice FTX wallets were getting drained, Flightradar24’s official Twitter account tweeted about the most tracked flight at around 3:33 a.m. on Nov. 12, 2022.

“Most tracked flight right now,” Flightradar24 wrote. “According to tweets, the founder and former CEO of [FTX] is en route to Argentina after the FTX collapse earlier this week.”

Some observers of the Flightradar24 tweet, like the popular whistleblower Fatman, did not like Flightradar24’s statement. “Shouldn’t be tweeting this. Zero confirmation or evidence of this being SBF,” Fatman replied to Flightradar24’s tweet.

While the radar report does show SBF’s private jet did embark to Argentina, there’s no way of telling who was on the trip without the official flight logs. Following the speculation, the news publication Reuters published an article that said SBF did not leave the Bahamas.

“When asked by Reuters whether he had flown to Argentina, Bankman-Fried responded in a text message: ‘Nope.’ He told Reuters he was in the Bahamas,” the article’s author explained.

What do you think about the tweet from Flightradar24 and the following report from Reuters that says SBF claims he is still in the Bahamas? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

When it was first discovered that FTX might be insolvent, a large slew of crypto exchange executives said that they aimed to provide proof-of-reserves audits. While exchanges like Binance and Crypto.com have provided wallet addresses tied to company wallets, blockchain analytics firm Nansen has detailed the company is in the midst of creating a display of crypto exchange proof-of-reserves.

Three days ago, amid the chaos surrounding FTX, a group of crypto exchange executives detailed that they planned to provide proof-of-reserves via a Merkle tree and full audits. Following the discussions, Binance disclosed the company’s hot and cold wallet addresses and Crypto.com’s CEO Kris Marszalek shared his firm’s addresses.

The blockchain analytics firm Nansen has gotten involved and the company is building a proof-of-reserves dashboard to display exchange reserves. “We are working with exchanges to display proof-of-reserves on [Nansen] for everyone to track their token holdings and transactions,” Nansen detailed on Nov. 11.

Nansen shared a current list of exchange portfolios and said that it would update the thread when more exchanges joined. So far, the thread includes exchanges such as Binance, Crypto.com, Okx, Kucoin, and Deribit. Bitfinex CTO Paolo Ardoino has also shared Bitfinex’s reserve list as well, alongside a Github repo that hosts the trading platform’s addresses.

“Bitfinex also developed in the past an open-source library called Antani,” Ardoino added. “Proof of Solvency, Custody and Off-chain Delegated Proof of Vote. We plan to revive it and have a way for users to cryptographically verify their balances respecting their privacy.”

In addition to Crypto.com, Okx, Kucoin, Binance, Bitfinex, and Deribit, the crypto exchange Bybit promises to release proof-of-reserves. Cake Defi has also provided a compiled list of reserves as well. Reports further note that Huobi and Poloniex have plans to share proof-of-reserves.

Exchanges listed on Nic Carter’s proof-of-reserves list or “Wall of Fame,” include Kraken, Bitmex, Nexo, Coinfloor, HBTC, Gate.io, and Ledn. Coinfloor, HBTC, Gate.io, and Ledn’s reserve assessments are older than Kraken and Bitmex’s. Nic Carter’s proof-of-reserves list says Nexo provides daily attestations.

What do you think about all the crypto exchanges providing proof-of-reserves lists and promising audits and attestations in the near future? Let us know your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

When it was first discovered that FTX might be insolvent, a large slew of crypto exchange executives said that they aimed to provide proof-of-reserves audits. While exchanges like Binance and Crypto.com have provided wallet addresses tied to company wallets, blockchain analytics firm Nansen has detailed the company is in the midst of creating a display of crypto exchange proof-of-reserves.

Three days ago, amid the chaos surrounding FTX, a group of crypto exchange executives detailed that they planned to provide proof-of-reserves via a Merkle tree and full audits. Following the discussions, Binance disclosed the company’s hot and cold wallet addresses and Crypto.com’s CEO Kris Marszalek shared his firm’s addresses.

The blockchain analytics firm Nansen has gotten involved and the company is building a proof-of-reserves dashboard to display exchange reserves. “We are working with exchanges to display proof-of-reserves on [Nansen] for everyone to track their token holdings and transactions,” Nansen detailed on Nov. 11.

Nansen shared a current list of exchange portfolios and said that it would update the thread when more exchanges joined. So far, the thread includes exchanges such as Binance, Crypto.com, Okx, Kucoin, and Deribit. Bitfinex CTO Paolo Ardoino has also shared Bitfinex’s reserve list as well, alongside a Github repo that hosts the trading platform’s addresses.

“Bitfinex also developed in the past an open-source library called Antani,” Ardoino added. “Proof of Solvency, Custody and Off-chain Delegated Proof of Vote. We plan to revive it and have a way for users to cryptographically verify their balances respecting their privacy.”

In addition to Crypto.com, Okx, Kucoin, Binance, Bitfinex, and Deribit, the crypto exchange Bybit promises to release proof-of-reserves. Cake Defi has also provided a compiled list of reserves as well. Reports further note that Huobi and Poloniex have plans to share proof-of-reserves.

Exchanges listed on Nic Carter’s proof-of-reserves list or “Wall of Fame,” include Kraken, Bitmex, Nexo, Coinfloor, HBTC, Gate.io, and Ledn. Coinfloor, HBTC, Gate.io, and Ledn’s reserve assessments are older than Kraken and Bitmex’s. Nic Carter’s proof-of-reserves list says Nexo provides daily attestations.

What do you think about all the crypto exchanges providing proof-of-reserves lists and promising audits and attestations in the near future? Let us know your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

PRESS RELEASE. INTERNET CITY, DUBAI, Nov. 12th, 2022 – Global crypto exchange, LBank, has recently announced that it will share its Merkle-tree proof-of-reserves, in view of recent concerns about the opaque nature of certain industry issues. LBank gave a public statement on November 9th stating that the exchange hopes to facilitate industry transparency and built a strong foundation of trust between exchanges and investors.

LBank stated in an announcement and Twitter post to their users that “We believe that it is crucial for tier-one cryptocurrency exchanges to publicly share their auditable Merkle tree proof of reserves or POF……This is an important step in building fundamental trust in the industry, and at the same time, it is also an important means to ensure the transparency of user assets.” LBank believes that taking this step will be crucial in helping investors regain trust in the market and hopes that more exchanges will take similar steps to help with this effort.

Merkle trees are used to help users easily verify specific transactions. It can reassure investors that the crypto holding is using public blockchain information. Crypto exchanges can provide accurate proof of held balances and strengthen the trust of users. Since recent events, many have taken to this path to avoid unnecessary speculation.

LBank believes that these measures will give users the transparency they need to get through recent turbulent times. “We can’t simply ask people to take our word for things, this change is a great thing that will give investors what they need and deserve. LBank values our relationship with our users more than anything. We hope this will tie us closer to our users and communities” an LBank representative stated.

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.

Start Trading Now: lbank.com

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Contact Details:

LBK Blockchain Co. Limited

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Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn't Be Surprised if Stocks Fell 40%

The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly ... read more.

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