Suncrypto Published Proof of Reserve and Liabilities: Holding over $10 million in crypto assets

Partner Content

oi-Oneindia Staff

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.

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.
Holding
over
$10
million
in
crypto
assets

The
exchange
assured
its
user
about
publishing
the
Proof
of
Reserve
and
Liability
Audit
report
at
regular
time
intervals.