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How many Bitcoins does BitMEX have at the moment? This is how you can check

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BitMEX, a leading platform for trading cryptocurrency derivatives, has unveiled a protocol that allows major exchanges to make their balances and liabilities visible without sacrificing customer privacy.

Setting new transparency standards for the industry

According to the announcement on BitMEX's official website, its engineers have proposed a new transparency protocol suitable for all centralized exchanges and other cryptocurrency market participants.

A new mechanism called "proof of liability" allows exchanges to post all balances and liabilities without exposing sensitive traders' data. This concept was pioneered by the boutique platform Coinfloor, but its initial release leaves the opportunity for analysts to track the distribution of assets between clients and view the balances of large clients.

Such a scheme cannot be adopted by heavyweights like Coinbase, Binance, and FTX, so the BitMEX team introduced a method to combine full transparency with high-end data obfuscation.

BitMEX proposes to divide all the data into chunks of random sizes. Once the data is split, the chunks are randomly shuffled and then included in a Merkle tree (massive hash data).

Check BitMEX's Bitcoin (BTC) Reserves Yourself

Recently, BitMEX research released a demo of how this scheme works with their exchange. The entire set of tools required to generate and validate this data can be downloaded from the BitMEX GitHub repositories.

Recently, BitMEX research released a demo of how this scheme works with their exchange. The entire set of tools required to generate and validate this data can be downloaded from the BitMEX GitHub repositories.

According to the demo, everyone can create a file with all the UTXO data of BitMEX stocks at a given block height of the Bitcoin (BTC) blockchain.

According to the file, BitMEX has 110,090 Bitcoins (BTC) in block number 693,062.

BitMEX recently settled all CFTC and FinCEN charges by paying a $ 100 million compensation, as covered by Crypto report.

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