Major exchange faces 40 million XRP drop in user funds
, has presented its monthly proof-of-reserves report, which shows the state of user funds, exchange reserves and coverage ratio. According to the latest data, OKX has over $22.5 billion in funds and crypto assets on its platform.Of particular interest, however, was the fact that user assets in the popular XRP cryptocurrency fell by 40.6 million tokens to the level of 280.93 million XRP. This volume of funds is in turn backed by 288.
For example, while reserves in XRP on OKX were falling, they have grown by 5% in USDT since the end of March. With Ethereum as the main altcoin, the exchange's reserves grew by 2.14% during the period under review. In another popular stablecoin, Circle's USDC exchange reserves rose to 289.33 million from 223.69 million in March. These volumes still cover the number of user funds on the exchange in full, with some leftover.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management. He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.Galxe Introduces Gravity: A Layer 1 Blockchain Designed for Omnichain Experience and Full-Chain Abstraction
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