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Seeking Alpha 2022-11-11 23:10:44

Around 20% of's assets consist of meme coin Shiba Inu

Cryptocurrency exchange provided a set of disclosures Friday that showed around 20% of its ~$2.82B in total assets were in Shiba Inu ( SHIB-USD ), a popular and highly volatile meme coin that uses the Japanese Shiba Inu dog breed as its mascot. The crypto platform's preliminary audit comes as the emerging industry pushes crypto exchanges to release proof of their reserves, in an effort to provide more transparency following the abrupt meltdown of Sam Bankman-Fried's FTX crypto exchange.'s token allocation, which was developed by blockchain analysis firm Nansen to be a viewable dashboard showing its wallet addresses, was most heavily weighted in bitcoin ( BTC-USD ), representing ~31% of assets, followed by ethereum ( ETH-USD ), at ~17%, USDC ( USDC-USD ) (~7%) and tether ( USDT-USD ) (~5%). That being said, SHIB was the company's second-biggest holding. The week-long FTX fiasco, meanwhile, has impacted in which the company reportedly had to suspend stablecoin USDC and USDT deposits and withdrawals on the Solana network .

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