Change’s Proof-Of-Reserves System Update

Company
May 1, 2023

Change is excited to announce a new update to our Proof-of-Reserves (PoR) report, highlighting our continued commitment to transparency and security. This update ensures customers have a clear view of their assets as of April month-end. Let's delve into the details of Change's PoR reporting:

Static Closing Liabilities

At the end of April, we took a snapshot of Change’s customer liabilities, providing a clear picture of what we owe to our customers at the end of the month.

Static Closing Balances with Liquidity Providers

Similar to closing liabilities, we took a snapshot of balances held with liquidity providers and our custodian at the end of the month. These assets distributed across providers are required to run the product, with the bulk secured in cold wallets for increased security.

Dynamic On-Chain Addresses and Assets

For self-custodial cold wallets, we have provided a list of addresses as of May 1, 2023 which can be explored via chain specific explorers, and while closing liabilities and provider balances are snapshots as of month-end, on-chain addresses and assets change in real-time as a result of transaction activity.  This means that the numbers reflected in this report versus what is currently visible on-chain, will not be identical. An additional challenge which customers need to be aware of is the concept of a UTXO. For UTXO-based blockchains such as Bitcoin and Litecoin, transactions executed on-chain since the time of writing mean that the wallet addresses provided below may not be conclusive. 

In the table below, you will find the list of our cold wallet addresses versus total liabilities on the specified dates. For operational needs, including customer deposits/withdrawals and spot trading, Change holds a proportion of customer assets with liquidity providers and BitGo.

Crypto assetWalletLiability*% secured in cold storage**% held with service providers*
BCHCold Wallet 1423.4585.57%14.40%
Cold Wallet 2
BTCCold Wallet 1505.6282.67%16.78%
Cold Wallet 2
Cold Wallet 3
Cold Wallet 4
Cold Wallet 5
DOGECold Wallet 13,846,266.5391.25%11.01%
Cold Wallet 2
DOTCold Wallet 185,877.0486.73%13.66%
Cold Wallet 2
ETHCold Wallet 12,855.3498.45%1.47%
Cold Wallet 2
Cold Wallet 3
Cold Wallet 4
LTCCold Wallet 14,085.6992.99%5.09%
Cold Wallet 2
Cold Wallet 3
Cold Wallet 4
Cold Wallet 5
SOLCold Wallet 122,146.0975.41%24.07%
Cold Wallet 2
XLMCold Wallet 12,373,030.4397.08%3.80%
XRPCold Wallet 12,994,451.3994.11%5.93%
Cold Wallet 2
Cold Wallet 3
XTZCold Wallet 158,865.2465.65%34.10%
Cold Wallet 2

*As of 30/04/2023. For operational needs, including customer deposits/withdrawals and spot trading, Change holds a proportion of customer assets in hot wallets, both with liquidity providers and BitGo. What is held in cold-storage, versus the total assets Change holds on behalf of our customers, will therefore not match 1:1.

**Snapshot of assets in cold storage taken on 1/05/23 at 11:00 UTC

ERC-20 tokens

https://etherscan.io/address/0x7deb055643d8954bbba09582107e71c8ee55de40

https://etherscan.io/address/0x50291d75F6A786C52BE91754fC8b2314900C6b6F

Token Liability* % secured in cold storage** % held with service providers*
AAVE 646.5862.25% 37.09%
APE 3435.69 58.33% 41.25%
AXS 1477.02 81.38% 18.01%
BAL 2645.20 86.99% 12.96%
BAT 219222.45 99.40% 1.64%
CHZ 34101.08 0.00% 95.09%
COMP 858.46 70.01% 29.09%
CRV 86107.90 88.15% 11.89%
DAI 9105.25 88.10% 11.55%
DYDX 9573.26 52.30% 51.85%
GRT 596830.41 33.54% 67.23%
INCH 17657.73 39.81% 56.61%
KEEP 29305.92 0.03% 101.96%
KNC 35318.87 90.65% 9.40%
LINK 34943.78 93.17% 5.11%
MANA 41984.42 71.48% 28.33%
MATIC 249230.07 30.10% 69.06%
MIR 297337.57 62.22% 52.35%
OCEAN 57569.30 52.15% 46.89%
PAXG 16.60 60.25% 38.92%
RARI 18223.56 98.80% 4.83%
REP 3076.91 65.10% 34.93%
SAND 28031.26 35.72% 64.59%
SHIB 4746399369.01 56.92% 42.50%
SNX 14557.20 87.34% 12.65%
SUSHI 37582.55 79.85% 20.44%
UNI 16247.02 98.03% 1.87%

*As of 30/04/2023. For operational needs, including customer deposits/withdrawals and spot trading, Change holds a proportion of customer assets in hot wallets, both with liquidity providers and BitGo. What is held in cold-storage, versus the total assets Change holds on behalf of our customers, will therefore not match 1:1.

**Snapshot of assets in cold storage taken on 1/05/23 at 11:00 UTC

To get the full picture, we are also publishing a snapshot of assets held as of April 30, 2023 with our service providers: