Deribit Shifts 90% of Client Assets to Coinbase and Discontinues Daily Proof-of-Reserves

Deribit has transferred 90% of its client assets to Coinbase as of September 1. Following this move, the exchange has terminated its daily proof-of-reserves mechanism, which previously allowed clients to verify their holdings via a Merkle tree check. Moving forward, the exchange will rely on VARA reports and audited financial materials, which offer less public transparency than the former daily verification system.