Cake DeFi, a Singapore-based company focused on providing access to decentralized finance (DeFi), has announced the release of its reserve proof using the Merkle tree method, cryptographically audited.
The CEO of Bithumb, the largest shareholder, was found dead after being accused of misappropriating funds.
Developed by Ralph Merkle in 1979, the Merkle tree method is a way to prove that certain information is included in a set of data without revealing the entire set. In the reserve proof method, a Merkle tree is used to demonstrate that a cryptocurrency exchange has the reserves it claims to have, without revealing the exact amounts of each cryptocurrency it holds, in order to protect the privacy of the platform and its users.
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