Suncrypto Published Proof Of Reserve And Liabilities: Holding Over $10 Million In Crypto Assets

Suncrypto, a leading cryptocurrency exchange in India recently took the step to publish a detailed report of its Proof of Reserve and liabilities.

Spotlight Desk

Updated on: 31 December 2022 3:28 am

Suncrypto

The exchange assured its user about publishing the Proof of Reserve and Liability Audit report at regular time intervals.?
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2022 came to an end but this year will be in the notes for the crypto community and the crypto businesses. This whole year people suffered with the continuous bear market but that was not all. That's because the bear market played with many businesses' and users' trust. Various crypto-based platforms went bankrupt, and many are suffering still. The most shocking of these was the bankruptcy of FTX, the previous second-biggest cryptocurrency exchange. The exchange went bankrupt after being unable to complete the user withdrawal demand. This situation ended up creating so many questions in users' minds about an exchange handling of their crypto and investments.?

Suncrypto, a leading cryptocurrency exchange in India recently took the step to publish a detailed report of its Proof of Reserve and liabilities. The exchange said that “this step became crucial to make sure their users are happy in investing with them. And this is only possible if the user has full access to knowing what the exchange has been doing with their money. ”

Up to now, just a few exchanges has provided the audit reports for the user wallet addresses and the balance of platform that are linked to them. In India, Suncrypto took the step by publishing the reports at the right time and gaining the user's trust and confidence in the exchange.?

What’s in the Suncrypto’s Published Proof of Reserve and Liability Audit Report?

Back in November Suncrypto shared a blog on this topic, where they talked about their proof of reserve and liability ratio. And now finally on 27 December the company officially released the blog and gave the details of the same.?

According to the blog , the exchange collaborated with the Coin Gabbar, a popular information & research provider to provide the Proof of Reserve data. The Coin Gabbar will be displaying the data of Suncrypto user wallet addresses along with the balance of the partnered exchanges with Suncrypto.?

Those data can be checked easily with Suncrypto's Proof of Reserve Report.

For the Proof of Liability audit report, the exchange partnered with Spark & Associates which is a famous law firm, providing its services for around 30 years. According to the audit certificate report, the total crypto reserve (Crypto lying on partner exchanges wallet and relevant blockchains) on the exchange is 10,424,945 (USDT), whereas the User Liability (Representing the crypto balance of Individual users) is 10,109,075 USDT.?

Suncrypto Report

The report also clarified that the data was collected on 26 December 2022 at 6:50 pm.?

The Suncrypto CEO, Umesh Kumar said that?

“We do understand this is not enough for people to trust an exchange, but this is a start for us. With time and more effort into services, we are certain that Users will be happy with Suncrypto.”

Just thinking of that earlier we partner with the Ledger to ensure the safety of funds here we received crypto insurance worth $150 Million. We are working on becoming an all-rounder so that in any area the user doesn’t find our services lacking’ said Kumar.?

Suncrypto has been in the market for more than a year now, and that period feels so little but the exchange had gained a lot of fame even in this. The crypto exchange has more than 9 Lakh, active users, on the platform and along with providing crypto services, they are focusing on educating the users as well.?