Cryptocurrency investment product provider Grayscale Investments has refused to provide on-chain proof of reserves or wallet addresses to show the underlying assets of its digital currency products citing “security concerns.”

Grayscale Bitcoin Trust (GBTC) shares are selling at a record discount of 42.69% to the underlying asset’s value following FTX’s implosion and fears of market contagion.

Grayscale has assured clients of the safety and security of their funds amid the panic triggered by the FTX implosion and redemption suspension of a subsidiary of one of its affiliate firms, Genesis Global Capital.