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| Details on Korbit's crypto holdings in its wallet are seen in this image disclosed by the exchange, Wednesday. Courtesy of Korbit |
By Lee Min-hyung
Korbit, one of the crypto exchanges in Korea, decided Wednesday to publicly disclose its cryptocurrency holdings, as part of efforts to win back investor confidence in the wake of Bahamas-based crypto exchange FTX's abrupt bankruptcy.
Customers can check the details of Korbit's crypto holdings, including the amount and kind of virtual coins as well as its wallet address, according to the exchange.
The company said the decision reflects its strong willingness to protect investors and ensure transparent management amid weakening market sentiment triggered by the latest scandal surrounding the liquidity crisis of the once-mega-sized crypto exchange. After the incident erupted, a number of Korbit's overseas counterparts also took similar steps, but no other exchanges have so far shared their wallet address, according to the company.
"We have been able to make the bold decision, as Korbit has always abided by the law and stuck to a principle of transparent management," Korbit CEO Oh Se-jin said. "We will make all our efforts to develop the exchange to be reliable and transparent."
Korbit does not have any complex set of management structures like other exchanges. NXC and SK Square hold 64 percent and 35 percent stakes in Korbit, respectively. Run by capital from big companies, Korbit has not been embroiled in any management-related controversies.
The company has also received an external audit every quarter since September 2021, in a bid to enhance management credibility regarding its crypto holdings. The audits are aimed at regularly monitoring whether the company holds enough crypto assets equivalent to customers' holdings.
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| Korbit's customer center in Seoul / Korea Times file |
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