https://www.coindesk.com/markets/2022/11/11/cryptocom-preliminary-audit-shows-that-20-of-its-assets-are-in-shiba-inu-coin/

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PlayIconNav
Crypto Prices CoinDesk Market Index
News Analysis

Crypto.com Preliminary Audit Shows 20% of Its Assets Are in Shiba Inu
Coin

As large crypto exchanges push to prepare "proof-of-reserves" audits,
an initial effort reveals just how much of Crypto.com's reserves are
in the dog-inspired meme token, SHIB.

Sage D. Young
Sage D. Young
AccessTimeIconNov 11, 2022 at 8:26 p.m. UTC
Updated Nov 11, 2022 at 10:24 p.m. UTC
    
(Unsplash, modified by CoinDesk)

SHIB represents Crypto.com's second-largest token holding (Unsplash,
modified by CoinDesk)

    
 
CoinDesk - Unknown

Sage D. Young

Sage D. Young is a tech protocol reporter at CoinDesk. He owns BTC,
ETH, LINK, AAVE, PEOPLE, DOGE, OS, and HTR as well as a few NFTs.

 

Follow @httpsageyd on Twitter

The swift collapse of the FTX crypto exchange has sparked an industry
push among big rivals to publish proof of their reserves as a means
to provide transparency into the assets on their platforms.

With those efforts just getting underway, one firm, Crypto.com, has
taken the proactive step of providing a preliminary set of
disclosures - sharing wallet addresses with the blockchain analysis
firm Nansen to create a dashboard of nearly $3 billion of reserves
and other assets.

CoinDesk - Unknown

Crypto.com's token allocation contains 20% shiba inu. (CoinDesk and
Nansen)

What that shows is just how heavily the mix of assets is skewed
toward a meme-y token called shiba inu (SHIB), a digital asset built
atop the Ethereum blockchain that was largely inspired by the joke
token dogecoin (DOGE). Like DOGE - a key staple of billionaire Elon
Musk's crypto schtick on Twitter - the SHIB token is a highly
volatile cryptocurrency whose primary use case is often considered to
be speculation itself; it's traded for fast profits and yuks.

Of the $2.88 billion in total assets in the wallets, roughly $558
million, or about 20%, are in SHIB.

The holding ranks second only to the $872 million of bitcoin (BTC),
the largest cryptocurrency by market value, which represents 31%. The
amount exceeds the $487 million in ether (ETH), the second-biggest
cryptocurrency, and dwarfs the $1.5 million in dogecoin (DOGE),
Nansen data suggests.

A Crypto.com spokesperson said, "The reason our Proof of Reserves
include Shiba is because we hold customers' balances 1:1. Thus, our
Proof of Reserves are dictated by our customer holdings."

Crypto.com's large holding of SHIB is a "reflection of user interest/
activity," Nansen data journalist Martin Lee told CoinDesk via a
Telegram message.

"In an ideal world, we'd want the best assets to be worth the most,
but SHIB and DOGE both have extremely high market caps," he said. So
it's "not super surprising that retail-heavy exchanges will have a
higher concentration of such tokens. And regardless, as an exchange,
your main source of revenue would likely be trading fees, so whether
it's meme coins or more fundamentally sound assets, your business
model is intact."

The shiba inu token vaulted into the headlines in May 2021 when
Ethereum co-founder Vitalik Buterin was sent roughly $1.2 billion of
unsolicited SHIB tokens by creators of several dogecoin knock-offs,
and then promptly regifted those to the India COVID-19 Relief Fund.

Despite its ridiculousness - or maybe because of it - the SHIB token
is one of the most popular cryptocurrencies. The @Shibtoken account
on Twitter boasts 3.6 million followers, and even after a swift
sell-off across crypto markets the token still has a $5.74 billion
market capitalization and a 24-hour trading volume of $347.9 million
at press time, per CoinDesk data.

Read more: Shiba Inu Coin (SHIB), A Beginner's Guide 2022

UPDATE (Nov. 11, 22:22:44 UTC): Included a comment from a Crypto.com
spokesperson

---------------------------------------------------------------------
Read more about
Shiba InuCrypto.commeme coinFTX
---------------------------------------------------------------------
 
Logo of BTCBTC$16,860.52
5.42%
 
Logo of ETHETH$1,269.78
4.14%
 
Logo of BNBBNB$288.11
5.92%
 
Logo of XRPXRP$0.37926728
4.78%
 
Logo of BUSDBUSD$1.00
0.05%
---------------------------------------------------------------------
View All Prices
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not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets
and the future of money, CoinDesk is a media outlet that strives for
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editorial policies. CoinDesk is an independent operating subsidiary
of Digital Currency Group, which invests in cryptocurrencies and
blockchain startups. As part of their compensation, certain CoinDesk
employees, including editorial employees, may receive exposure to DCG
equity in the form of stock appreciation rights, which vest over a
multi-year period. CoinDesk journalists are not allowed to purchase
stock outright in DCG.

 
CoinDesk - Unknown

Sage D. Young

Sage D. Young is a tech protocol reporter at CoinDesk. He owns BTC,
ETH, LINK, AAVE, PEOPLE, DOGE, OS, and HTR as well as a few NFTs.

 

Follow @httpsageyd on Twitter

 
CoinDesk - Unknown

Sage D. Young

Sage D. Young is a tech protocol reporter at CoinDesk. He owns BTC,
ETH, LINK, AAVE, PEOPLE, DOGE, OS, and HTR as well as a few NFTs.

 

Follow @httpsageyd on Twitter

---------------------------------------------------------------------
 
Logo of BTCBTC$16,860.52
5.42%
 
Logo of ETHETH$1,269.78
4.14%
 
Logo of BNBBNB$288.11
5.92%
 
Logo of XRPXRP$0.37926728
4.78%
 
Logo of BUSDBUSD$1.00
0.05%
---------------------------------------------------------------------
View All Prices
Trending
1
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Nov 11, 2022
2
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The leader in news and information on cryptocurrency, digital assets
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