Deribit is ending its daily public Proof of Reserves page.
The old system used a privacy-preserving Merkle structure that let customers verify inclusion in aggregate liabilities and compare those liabilities with published wallet balances.
Deribit says the change reflects wallet-infrastructure changes during integration with Coinbase and says approximately 90% of client assets have migrated to Coinbase custody.
Deribit also says 1:1 reserve, segregation and external-audit requirements remain.
This creates a real transparency change: daily public cryptographic verification becomes periodic regulatory/audit assurance.
Those are not equivalent, even if custody standards remain unchanged.
There is no confirmed reserve shortfall, withdrawal problem or insolvency event.
Evidence Status
Confirmed: daily public PoR ends; large majority of client assets migrated to Coinbase; reserve/segregation/audit requirements remain according to Deribit.
Not established: missing reserves or customer losses.
Risk Assessment
Medium.
What to Watch Next
Replacement transparency tools, audit publication frequency, Coinbase custody disclosures and VARA guidance.
FAQ
Is Deribit under-reserved?
No evidence establishes that.
What changed?
The daily public verification layer ends.
Why does it matter?
Periodic audit and daily public cryptographic verification provide different levels of visibility.