Change Proof of Reserves System Update

Company

September 11, 2024

Change is excited to share an updated Proof of Reserves (PoR) report, highlighting our continued commitment to transparency and security. This report ensures customers have a clear view of their assets as of August 2024 month-end. Let's delve into the details of our PoR reporting:

Static Closing Liabilities

At the end of August, we took a snapshot of Change’s customer liabilities, providing a clear picture of customer assets we hold. Small part of the customer assets are distributed across renowned liquidity providers and custodians, which is required to run the product like enabling daily trading activities and deposits/withdrawals to our customers, with the bulk secured in cold wallets for maximum security. As of August 31, 2024, 80.37% of customer spot trading balances were held in cold storage with Ledger and 19.63% of balances were held in hot storage with several different liquidity providers for daily operations.

Dynamic On-Chain Addresses and Assets

For self-custodial cold wallets, we have provided a list of addresses as of August 31, 2024 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 tables below, you will find the total liabilities and the proportion held in cold wallets and liquidity providers and custodian BitGo. For cold wallets you can see the wallet addresses below as well.

CCY	Customer spot balance	% of customer spot balance	Customer staking balance	% of customer staking balance	Customer total balance	% of company hot storage balance *	% of company cold storage balance **
ADA	1648757.391	37.40%	2759962.121	62.60%	4408719.513	5.77%	94.23%
AKT	5669.673885	100.00%	0.00	0.00%	5669.673885	100.00%	0.00%
ALGO	256840.2481	48.56%	272022.0678	51.44%	528862.3159	100.00%	0.00%
APT	1988.006041	100.00%	0.00	0.00%	1988.006041	100.00%	0.00%
ARB	55233.00234	100.00%	0.00	0.00%	55233.00234	100.00%	0.00%
ASTR	12452.21451	100.00%	0.00	0.00%	12452.21451	100.00%	0.00%
ATOM	6127.57913	28.97%	15027.4489	71.03%	21155.02803	100.00%	0.00%
AVAX	1552.318737	19.97%	6220.197086	80.03%	7772.515823	100.00%	0.00%
BCH	350.0630592	100.00%	0.00	0.00%	350.0630592	11.08%	88.92%
BTC	257.8342743	74.34%	89.01745553	25.66%	346.8517298	36.28%	63.72%
CFG	4082.794105	100.00%	0.00	0.00%	4082.794105	100.00%	0.00%
DASH	1102.243955	100.00%	0.00	0.00%	1102.243955	100.00%	0.00%
DOGE	3668558.053	100.00%	0.00	0.00%	3668558.053	32.12%	67.88%
DOT	31436.05641	33.95%	61163.92015	66.05%	92599.97656	18.67%	81.33%
DYM	2084.919864	100.00%	0.00	0.00%	2084.919864	100.00%	0.00%
EGLD	89.5208478	100.00%	0.00	0.00%	89.5208478	100.00%	0.00%
ENJ	13521.17726	100.00%	0.00	0.00%	13521.17726	100.00%	0.00%
EOS	55090.088	100.00%	0.00	0.00%	55090.088	100.00%	0.00%
FET	87144.63523	100.00%	0.00	0.00%	87144.63523	100.00%	0.00%
FIL	11946.5306	100.00%	0.00	0.00%	11946.5306	100.00%	0.00%
FLOW	13589.60301	44.37%	17038.10052	55.63%	30627.70352	100.00%	0.00%
FLR	111762.3426	100.00%	0.00	0.00%	111762.3426	100.00%	0.00%
FTM	78749.46838	100.00%	0.00	0.00%	78749.46838	100.00%	0.00%
GLMR	38065.18942	100.00%	0.00	0.00%	38065.18942	100.00%	0.00%
GMX	122.4764839	100.00%	0.00	0.00%	122.4764839	100.00%	0.00%
ICP	8860.329935	100.00%	0.00	0.00%	8860.329935	100.00%	0.00%
INJ	867.7274661	100.00%	0.00	0.00%	867.7274661	100.00%	0.00%
KAVA	22240.52298	18.50%	97946.50521	81.50%	120187.0282	100.00%	0.00%
KSM	268.7852416	14.40%	1598.308837	85.60%	1867.094078	100.00%	0.00%
LTC	3659.775876	100.00%	0.00	0.00%	3659.775876	77.24%	22.76%
LUNA	1173602938	100.00%	0.00	0.00%	1173602938	100.00%	0.00%
MINA	24233.58818	10.76%	200949.8701	89.24%	225183.4583	100.00%	0.00%
MOVR	21.82658134	100.00%	0.00	0.00%	21.82658134	100.00%	0.00%
NEAR	6945.886385	21.60%	25213.63325	78.40%	32159.51964	100.00%	0.00%
OP	8231.859079	100.00%	0.00	0.00%	8231.859079	100.00%	0.00%
QTUM	0.00147375	100.00%	0.00	0.00%	0.00147375	100.00%	0.00%
RUNE	4918.318291	100.00%	0.00	0.00%	4918.318291	100.00%	0.00%
SEI	17113.65716	100.00%	0.00	0.00%	17113.65716	100.00%	0.00%
SGB	621975.2921	100.00%	0.00	0.00%	621975.2921	100.00%	0.00%
STRK	3461.955328	100.00%	0.00	0.00%	3461.955328	100.00%	0.00%
STX	11055.7819	100.00%	0.00	0.00%	11055.7819	100.00%	0.00%
SUI	26468.40308	100.00%	0.00	0.00%	26468.40308	100.00%	0.00%
TIA	2049.382104	100.00%	0.00	0.00%	2049.382104	100.00%	0.00%
XLM	2017558.157	100.00%	0.00	0.00%	2017558.157	0.97%	99.03%
XRP	2392797.194	100.00%	0.00	0.00%	2392797.194	13.01%	86.99%
XTZ	18006.88439	25.02%	53967.06224	74.98%	71973.94663	27.56%	72.44%

Ethereum tokens

CCY	Customer spot balance	% of customer spot balance	Customer staking balance	% of customer staking balance	Customer total balance	% of company hot storage balance *	% of company cold storage balance **
AAVE	495.7025493	100.00%	0.00	0.00%	495.7025493	22.35%	77.65%
ALT	125.9869832	100.00%	0.00	0.00%	125.9869832	100.00%	0.00%
ANKR	96678.12372	100.00%	0.00	0.00%	96678.12372	100.00%	0.00%
APE	17133.95359	100.00%	0.00	0.00%	17133.95359	80.41%	19.59%
API3	383.3279966	100.00%	0.00	0.00%	383.3279966	100.00%	0.00%
AUDIO	16229.79906	100.00%	0.00	0.00%	16229.79906	100.00%	0.00%
AXS	2492.168265	100.00%	0.00	0.00%	2492.168265	48.37%	51.63%
BAL	3723.246016	100.00%	0.00	0.00%	3723.246016	89.25%	10.75%
BAND	457.7383119	100.00%	0.00	0.00%	457.7383119	100.00%	0.00%
BAT	169698.4482	100.00%	0.00	0.00%	169698.4482	9.73%	90.27%
BIGTIME	0.00994402	100.00%	0.00	0.00%	0.00994402	100.00%	0.00%
BLUR	14179.45439	100.00%	0.00	0.00%	14179.45439	100.00%	0.00%
BOBA	7104.968623	100.00%	0.00	0.00%	7104.968623	100.00%	0.00%
CHZ	109752.7229	100.00%	0.00	0.00%	109752.7229	63.23%	36.77%
COMP	724.0774828	100.00%	0.00	0.00%	724.0774828	38.89%	61.11%
CRV	103520.4446	100.00%	0.00	0.00%	103520.4446	30.08%	69.92%
CVX	515.6852717	100.00%	0.00	0.00%	515.6852717	100.00%	0.00%
DAI	4275.876754	100.00%	0.00	0.00%	4275.876754	68.66%	31.34%
DYDX	16185.43104	100.00%	0.00	0.00%	16185.43104	70.63%	29.37%
ENA	1236.172658	100.00%	0.00	0.00%	1236.172658	100.00%	0.00%
ENS	413.1845103	100.00%	0.00	0.00%	413.1845103	100.00%	0.00%
ETH	1367.402486	61.62%	851.6330616	38.38%	2219.035547	4.73%	95.27%
ETHFI	79.71130816	100.00%	0.00	0.00%	79.71130816	100.00%	0.00%
EUL	266.80933	100.00%	0.00	0.00%	266.80933	100.00%	0.00%
FXS	528.1551693	100.00%	0.00	0.00%	528.1551693	100.00%	0.00%
GAL	180.9778473	100.00%	0.00	0.00%	180.9778473	100.00%	0.00%
GALA	2253558.439	100.00%	0.00	0.00%	2253558.439	100.00%	0.00%
GNO	1.23709469	100.00%	0.00	0.00%	1.23709469	100.00%	0.00%
GRT	246270.482	42.28%	336229.8844	57.72%	582500.3664	69.37%	30.63%
IMX	2299.769076	100.00%	0.00	0.00%	2299.769076	100.00%	0.00%
INCH	29282.53323	100.00%	0.00	0.00%	29282.53323	87.04%	12.96%
JASMY	17992.59179	100.00%	0.00	0.00%	17992.59179	100.00%	0.00%
KEEP	27976.55474	100.00%	0.00	0.00%	27976.55474	55.84%	44.16%
KNC	28513.905	100.00%	0.00	0.00%	28513.905	23.13%	76.87%
LDO	11387.91637	100.00%	0.00	0.00%	11387.91637	100.00%	0.00%
LINK	27307.41734	100.00%	0.00	0.00%	27307.41734	14.45%	85.55%
LRC	21671.38853	100.00%	0.00	0.00%	21671.38853	100.00%	0.00%
MANA	64503.82167	100.00%	0.00	0.00%	64503.82167	35.44%	64.56%
MATIC	118458.1095	41.31%	168317.9914	58.69%	286776.1009	100.00%	0.00%
MIR	1405022.713	100.00%	0.00	0.00%	1405022.713	65.92%	34.08%
MKR	3.81015525	100.00%	0.00	0.00%	3.81015525	100.00%	0.00%
MULTI	25334.38097	100.00%	0.00	0.00%	25334.38097	100.00%	0.00%
OCEAN	49898.5946	100.00%	0.00	0.00%	49898.5946	100.00%	0.00%
ONDO	98.48990057	100.00%	0.00	0.00%	98.48990057	100.00%	0.00%
PAXG	16.11329841	100.00%	0.00	0.00%	16.11329841	14.82%	85.18%
PENDLE	0.00911525	100.00%	0.00	0.00%	0.00911525	100.00%	0.00%
PEPE	22194395550	100.00%	0.00	0.00%	22194395550	100.00%	0.00%
PERP	3545.291698	100.00%	0.00	0.00%	3545.291698	100.00%	0.00%
PORTAL	0.00904352	100.00%	0.00	0.00%	0.00904352	100.00%	0.00%
POWR	3854.398098	100.00%	0.00	0.00%	3854.398098	100.00%	0.00%
QNT	136.3038172	100.00%	0.00	0.00%	136.3038172	100.00%	0.00%
RARI	18199.4825	100.00%	0.00	0.00%	18199.4825	34.04%	65.96%
REP	16339.3077	100.00%	0.00	0.00%	16339.3077	55.53%	44.47%
RPL	350.2536085	100.00%	0.00	0.00%	350.2536085	100.00%	0.00%
SAND	53990.29059	100.00%	0.00	0.00%	53990.29059	31.60%	68.40%
SHIB	7904117998	100.00%	0.00	0.00%	7904117998	44.80%	55.20%
SNX	14614.76457	100.00%	0.00	0.00%	14614.76457	29.14%	70.86%
STG	5550.293717	100.00%	0.00	0.00%	5550.293717	100.00%	0.00%
STORJ	25886.4334	100.00%	0.00	0.00%	25886.4334	100.00%	0.00%
SUPER	3377.045115	100.00%	0.00	0.00%	3377.045115	100.00%	0.00%
SUSHI	40305.37273	100.00%	0.00	0.00%	40305.37273	33.19%	66.81%
UMA	0.00839696	100.00%	0.00	0.00%	0.00839696	100.00%	0.00%
UNI	11872.39126	100.00%	0.00	0.00%	11872.39126	2.32%	97.68%
USDC	4426.947262	21.56%	16110.31302	78.44%	20537.26028	100.00%	0.00%
USDT	58335.41604	55.67%	46443.70056	44.33%	104779.1166	99.62%	0.38%
YFI	0.50048965	100.00%	0.00	0.00%	0.50048965	100.00%	0.00%
YGG	25246.28421	100.00%	0.00	0.00%	25246.28421	100.00%	0.00%
ZETA	0.00636565	100.00%	0.00	0.00%	0.00636565	100.00%	0.00%
ZRX	167549.9238	100.00%	0.00	0.00%	167549.9238	100.00%	0.00%

Solana tokens

CCY	Customer spot balance	% of customer spot balance	Customer staking balance	% of customer staking balance	Customer total balance	% of company hot storage balance *	% of company cold storage balance **
ATLAS	5383.330423	100.00%	0.00	0.00%	5383.330423	100.00%	0.00%
BONK	3521964086	100.00%	0.00	0.00%	3521964086	100.00%	0.00%
DRIFT	94.33827085	100.00%	0.00	0.00%	94.33827085	100.00%	0.00%
HNT	4.84077621	100.00%	0.00	0.00%	4.84077621	100.00%	0.00%
JTO	1127.094483	100.00%	0.00	0.00%	1127.094483	100.00%	0.00%
JUP	11517.17592	100.00%	0.00	0.00%	11517.17592	100.00%	0.00%
MNGO	620205.3297	100.00%	0.00	0.00%	620205.3297	100.00%	0.00%
ORCA	4470.535176	100.00%	0.00	0.00%	4470.535176	100.00%	0.00%
OXY	1176462.626	100.00%	0.00	0.00%	1176462.626	100.00%	0.00%
PYTH	36540.24538	100.00%	0.00	0.00%	36540.24538	100.00%	0.00%
RAY	3623.160148	100.00%	0.00	0.00%	3623.160148	100.00%	0.00%
RENDER	12378.01862	100.00%	0.00	0.00%	12378.01862	100.00%	0.00%
SOL	7427.919606	48.97%	7740.158749	51.03%	15168.07836	11.28%	88.72%
TNSR	1168.35057	100.00%	0.00	0.00%	1168.35057	100.00%	0.00%
WEN	7646610.896	100.00%	0.00	0.00%	7646610.896	100.00%	0.00%
WIF	30749.36314	100.00%	0.00	0.00%	30749.36314	100.00%	0.00%

Tron tokens

CCY	Customer spot balance	% of customer spot balance	Customer staking balance	% of customer staking balance	Customer total balance	% of company hot storage balance *	% of company cold storage balance **
BTT	10004865067	100.00%	0.00	0.00%	10004865067	100.00%	0.00%
TRX	45906.02786	35.47%	83516.33722	64.53%	129422.3651	100.00%	0.00%

‍*As of August 31, 2024. 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.

**Snapshot of assets in cold storage taken on August 31, 2024 at 23:59 UTC

Cold storage addresses

CCY	Address
AAVE	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
ADA	addr1qxrxy6z4purw7ay8u4n5fremr92h3wws2xc3lqqzjaaynumhawe7f8phkz39z00j2plxdxu955630gxduaaqmlmz764q8c522q
ADA	addr1q8a4ale2f8gj4vmu7cxmkj4nw3k74ghk89546pyqufpuedfsn8mq9jw6wmra2nrla7hv8shau4mxhn4dgptenjyqzadsvxw297
ADA	addr1q9mpe20sd8p82fe4mfc73lqjqs3qwk49m4vlsdpkgz5xpzxn3clskn0y2j2z2thusznx9ehnusprc72mderfljmaac7qc24k75
ADA	addr1qxq9e5wta0mk5akp58p3enuy59r6s5fan33drr94aq053c8e4mpmqz8yq5g0g8yvg7zmycdsshcdl3qed6q08tp5meps2gck6n
APE	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
AXS	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
BAL	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
BAT	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
BCH	1JvEEkZJgi4gjskGi1H2SkQYHvuNmDhhuD
BCH	1GW37C6cTWtXGQpRf4evogdfrh6EZfPNRL
BCH	19rdb8fNvABTMaKyTXuYhVzrMwhgJEb3yJ
BCH	19ht44MD5JkQndKQoYoNAGDLfsGVhNWqzA
BTC	bc1qmg5k3cpc3sarngq6rqqj4vclpd3nner7swc29g
BTC	bc1qrweuenndu48p4n5ds0d0e5wgntarxags5tvdek
BTC	bc1q6d3cf6t4wckz2dx3d958lw7hj8pdd0u3rdzaps
BTC	bc1q74efuv4kd5u4gjkc5f7znwlqhkqaaaexj7ussn
BTC	bc1qjyls722jnlmr35uu7vd8am3se7x0l7d3xvws58
BTC	bc1qjmwzl95uzkfa82f74tgr9w4h24flna02azyk54
BTC	bc1qtcteks4zj6tdg2269yv5rm6s7p0jau2g89tean
CHZ	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
COMP	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
CRV	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
DAI	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
DOGE	D97fE2TmzCfc76mMEtehPddJFVbQYy1pqC
DOGE	DHVZutZ9WNPdHzd4848LsTbc4NzEVGL3CR
DOGE	DEjVN49DQgUBNhgyrVBeMYMM3eSUXwJTu3
DOGE	DKDu3jHK9T1kpakQFdybDYvhkGh183shgy
DOGE	D9K8iEtYHdrTUGKotvDi71o5dtw4WV59Ce
DOGE	DFBnJGBR7M9DdHuxjFHo4qN88yasDi6AUa
DOGE	DF7CUzTLEBqvWaWdQA8pAPhSRRixGsRGAt
DOT	13Bsto1AwMjigLw8f19rJDnkx1SfTBG5sdGtU6xguxihfbcz
DOT	12eeTmy9PogtDeEoYH6M6Xyp5QjbwGY8vTejGCeDUQUPXVLv
DYDX	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
ETH	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
ETH	0xF72C53fDf361D0f7EC1f299ED0b2A3CFbf7CDB37
ETH	0x72630267178FEBB923fECAdfC6FcC1EE9c77D2Af
ETH	0x50291d75F6A786C52BE91754fC8b2314900C6b6F
GRT	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
INCH	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
KEEP	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
KNC	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
LINK	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
LTC	LgDt3khYKSfHnHQqcvmZ9n7XirQdrgWi3L
LTC	LWLUXYDs4KUDm6MR84SyGa3AcpyMSa5ff5
LTC	LcaT7X6gdDUZDzX41brstnhhP2xjG1KCNC
LTC	LN4DSfdmnMTtTcBDemNMTR1yTiamWXvdvt
LTC	LLZJTgfGbh1myBTzoVHdxnrhyEcEws5TqJ
LTC	LQKTczD3iuuJ2BQtWgikxvXrBDFBToEXdr
MANA	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
MATIC	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
MATIC	0x50291d75F6A786C52BE91754fC8b2314900C6b6F
MIR	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
MKR	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
OCEAN	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
PAXG	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
RARI	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
REP	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SAND	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SHIB	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SNX	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
SOL	Btpr9sjHbqYdpeCriprqS6S8R2mjEYqDqprcjpGt8TJD
SOL	BR2r4cXqf3oaPGKugN5YStj6j8n43sKXKdhT2n2t9bSU
SUSHI	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
UNI	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
USDC	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
USDT	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
UST	0x7DEB055643d8954BbBA09582107e71C8Ee55dE40
XLM	GA665X3K2OXF4CWEOMD7FECCRRV2NL4XMK2YJ4RJYIW2S7TZQXJBCQZE
XRP	raJ9n5GGBLpZeJUsNVxDPZJ3Jov6cR4YV3
XRP	rEfyRmv3aaz3r7aoEC9tJxGkqG76dKym6w
XRP	rG43s3Nsg44t3hkbzU5TsgGkcGsiQLAsmj
XTZ	tz2WJ51RQSux4ydFKdxpHvWPxjw6Psn628G2
XTZ	tz2KU8gsdSjP74Zmw4daZrhF8WPhEGv89iys