SunCrypto released its latest edition of the Proof of Reserve (PoR) and Proof of Liability (PoL) audit report on June 12, 2024. This initiative is a part of SunCrypto’s ongoing efforts to ensure transparency and build trust with its 1.5 Million users.
SunCrypto previously also published two Proof of Reserve (PoR) and Proof of Liability (PoL) audit reports on December 27, 2022, & July 26, 2023, providing our users with a sense of relief. To read the first & second editions of SunCrypto’s proof of reserve and liability audit report,
click here (Edition 1 & Edition 2).
SunCrypto’s Proof of Reserve Report – June 2024
The new report confirms that SunCrypto holds enough assets to cover all customer deposits. The report was released in collaboration with Spark & Associates, a 32-year-old chartered accountant firm. As per the report, SunCrypto’s current crypto reserves are 47.02 Million USDT, and have a current user liability of 46.07 Million USDT.
This transparency allows users to verify that SunCrypto holds more than a 1:1 ratio of reserves to liabilities, demonstrating the exchange’s financial stability. Furthermore, SunCrypto’s current crypto reserve holdings are 3x higher than last year’s crypto reserves (i.e., 15.52 million to 47.02 million), which indicates the growing popularity and usage of SunCrypto applications in India.
Importance of Proof of Reserves and Liabilities
Proof of Reserve is a way for cryptocurrency exchanges to show that they have the necessary assets to cover customer funds. This practice is crucial for ensuring the safety of users’ assets and maintaining trust in the exchange. By publishing these reports, SunCrypto aims to provide peace of mind to its users, especially in a market where transparency is often questioned.
Proof of Liability, on the other hand, involves demonstrating the total amount of customer deposits on the exchange. By combining PoR and PoL, SunCrypto ensures that it has a clear and accurate picture of both its assets and liabilities.
Emphasising Safety, Transparency, and Education by Proof of Reserve Audit Report
At SunCrypto, the security of user funds is our top priority. We take comprehensive measures to protect our platform from any form of hacking or malware attack. Our systems are regularly updated and monitored to prevent unauthorised access and ensure that our users’ assets are secure.
Meanwhile, SunCrypto’s commitment to safety extends beyond digital security. We have partnered with CoinGabbar (research & media platform) & Spark and Associates to verify and audit SunCrypto’s Proof of Reserve (PoR) and Proof of Liability (PoL) audit reports, ensuring that our user’s deposits are fully backed by our reserves.
About Sparks and Associates
A professionally coached firm consists of a team of dignified chartered accountants, corporate financial experts and tax consultants representing a union of specialised skills, which are inspired to offer sound financial advice and personalised proactive services. Also they are in the legitimate interaction with different industries and professionals which enables the firm to get along with topical developments and to meet the needs of its clients.
Apart from that, SunCrypto is also at the forefront of educating its users at the utmost level, making them independent of making any financial decision on their own. The sources that SunCrypto uses to educate its users are SunCrypto Academy, Email newsletters, and social media channels like X, Instagram, Telegram, LinkedIn, etc.
Conclusion
The release of the latest Proof of Reserve (PoR) and Proof of Liability (PoL) audit reports by SunCrypto marks a significant step in their mission to build a trustworthy and transparent cryptocurrency exchange in India. By demonstrating their financial health and stability, SunCrypto assures its users that their assets are safe and well-managed.
This initiative not only strengthens the trust between SunCrypto and its users but also sets a high standard for transparency and accountability in the cryptocurrency industry.
Mithril amount is not available for withdrawal.so how can you say that u r trustworthy?
Hi Ravi,
This is Diksha from Team SunCrypto, we are sorry for the inconvenience. To get any information regarding withdrawal or deposit connect our Support Team over call or messages. To create a ticket for your complaint click on the provided link. https://help.suncrypto.in/support/tickets/new
Nice
Please make future options and all coins withdrawl options
My kyc compile
Dear User,
Please contact to or customer support team by raising you ticket on this page :- https://help.suncrypto.in/support/tickets/new
Regards
Team SunCrypto
Aap coin khridne par jo amount condition lagate hai vo sahi nhin h aapke customer coin dcx par jaldi shift ho jaege
Vahan aaise koi amount condition nhin lagate
Dear User,
Thank you for sharing your feedback. Here’s some clarification regarding the buying conditions on SunCrypto Trading Platform:
1. Condition Across Platforms: Similar conditions are applied on most crypto trading platforms, including ours, to ensure smooth trading and maintain market stability. These limits are primarily driven by factors like liquidity, trading volume, and market risks associated with certain coins.
2. Your Suggestions Welcome: We’re always looking to improve. Please suggest the names of coins you’re interested in. We’ll analyze them for USDT pairing based on volume and liquidity to potentially increase the purchase limit.
For example, if you wish to purchase coins worth ₹50,000, you can do so in a single transaction. However, for amounts like ₹1,00,000, you may need to split it into two transactions due to the set limits. This approach helps us ensure secure and efficient trading for all users.
We appreciate your understanding and are committed to improving your trading experience. Let us know your coin suggestions or any further concerns!
To connect our customer support team, visit this link and raise your ticket:- https://help.suncrypto.in/support/tickets/new
Regards
Team SunCrypto
Hard walet facility and stop plus facility provide for user.
Dear User,
Please contact to or customer support team by raising you ticket on this page :- https://help.suncrypto.in/support/tickets/new
Regards
Team SunCrypto
Plz provide hardware wallets facility for your customer
Dear User,
We will work on your suggestion.
Thanks for the valuable feedback!
Regards
Team SunCrypto
Kyc
Dear User,
Please contact to or customer support team by raising you ticket on this page :- https://help.suncrypto.in/support/tickets/new
Regards
Team SunCrypto
Bahut sare coin ko suncrypto ne usdt pair kar diya hai INR ko jab use sell karne ke liye option me jate hai to insufficient balance batata hai jisse mujhe bahut loss ho gaya hai , meri samasya dur kare
Dear User,
We transfer cryptocurrencies from INR market to USDT market due to low volume and lack of liquidity. If you have an amount lower than the minimum sell limit, you can buy more to meet the limit and sell at the right time. For more, please contact to our customer support team by raising you ticket on this page :- https://help.suncrypto.in/support/tickets/new
Regards
Team SunCrypto
Good
Nice suncrypto
my KYC Approval problem
Nice
I have not been able to do KYC yet, help me
My withdrawal is not happening. Will this withdrawal be possible or not?
What about some coin value currently Rs: 0.00 can you explain me is it safe or not.
Dear User,
Let me help you understand — there are no cryptocurrencies listed on SunCrypto with a value of ₹0.00. When you view prices directly on the website chart, they are displayed in USDT by default (e.g., $0.00009125).
To view prices in INR, you can use the toggle at the top of the webpage or the toggle located in the top-right corner of the chart.
Please keep in mind that USDT and INR prices may differ due to ongoing market fluctuations.
For more information, feel free to contact our customer support or check the latest updates on SunCrypto Help or SunCrypto Academy.
Regards
Team SunCrypto
Bitcon
Good
Very good and faithfully… I am trst 100%
Please make future options and all coins withdrawal options
Good
Wow
My fund not showing and app not work
Dear User,
Please connect to the customer support team for your query.
Email: help@suncrypto.in
Number: +91-8604860498
Regards,
Team Suncrypto