Bitcoin Exchange

River Secures Over $800 Million Worth of Bitcoin, Launches Proof of Reserve

Published

2 months ago

September 20, 2024

River, a leading U.S. Bitcoin exchange, has launched River Proof of Reserves to provide clients with verifiable proof that their Bitcoin holdings are fully reserved. This sets a new transparency standard for the industry after recent failures of exchanges like FTX shook consumer trust.

River CEO Alex Leishman stated, “River Proof of Reserves is about more than verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term client trust.” He added, “Our goal is to build unshakable trust with our clients. Proof of Reserves is the gold standard for Bitcoin custody.”

The new feature allows clients to independently confirm that River holds their Bitcoin in full reserve multi-sig cold storage. River currently secures over $800 million worth of Bitcoin for its clients.

According to Leishman, “We’re leading by example by proving every month that your Bitcoin is exactly where we say it is.” After recent failures, he encouraged the industry to adopt similar transparency standards to rebuild trust.

The added transparency also prevents fractional reserve practices from destabilising fiat currencies and leading to bank failures. If more Bitcoin exchanges prove full reserves, it could restore faith in intermediaries while stopping dangerous leverage in the system.

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Bitcoin

Mt. Gox Moves Over $700 Million in Bitcoin – Bitcoin Magazine

Published

3 months ago

August 22, 2024

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The notorious Mt. Gox exchange has made its first major Bitcoin transaction in weeks, shifting over $700 million worth of BTC to unknown wallets.

According to data tracked by Arkham Intelligence, Mt. Gox moved 12,000 BTC worth $709 million to one address and 1,265 BTC worth $75 million to another early Wednesday. The recipient addresses are unknown, sparking speculation that Mt. Gox could distribute more coins to creditors from its remaining Bitcoin hoard.

Mt. Gox owes billions to depositors affected by its massive 2014 hack. The exchange has been slowly reimbursing victims, putting selling pressure on markets this summer. They have returned about 68% of lost user funds so far. But the defunct exchange still holds around 34,000 BTC worth nearly $2 billion even after this week’s transfers.

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