OKX Proof-of-Reserves Report: Bitcoin, Ether, Tether Reserve Ratios Over 100%
Cryptocurrency exchange OKX released its second Proof of Reserves (PoR) on its website on December 22nd.
The new report would enable users to view and self-verify the results of two PoRs with the help of open-source tools, the company said in an official statement. OKX also promised to publish the PoR report every month.
OKX’s Proof-of-Reserves
The report shows that OKX’s wallets held 113,754 BTC against a user balance of 112,192 BTC as of December 20th, 14:00 UTC. It has a Bitcoin reserve ratio of 101%, this is a minor decrease from the 102% revealed in the PoR last month.
The reserve ratio for Ethereum stood at 103%, increasing from 102%, while Tether reserves stood firm at 101%. The OKX Nansen dashboard covers additional digital assets and shows that Bitcoin, Ethereum, and Tether make up more than 90% of holdings.
OKX CMO Haider Rafique commented,
“Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust. At OKX, we believe that PoR should be verifiable via open source tools so that users can self-verify the balances and ownership of our reserve addresses.”
Furthermore, OKX also has included new features for its PoR that will allow users to check the reserve ratios for new as well as historical data. Users will also be able to download the files with both types of data after they self-verify on-chain assets.
Lennix Lai, OKX’s Director of Financial Markets, said,
“We would gradually enhance our standard of transparency. The industry would eventually achieve the same level of transparency and governance standards as in or better than in tradfi – primarily via technological/ cryptographic method.”
Lai earlier stated that third-party audits are also being carried out by the Seychelles-based crypto exchange to provide additional reassurance in addition to the report.
Proof-of-Reserves Auditors Under SEC’s Scrutiny
The collapse of FTX has spurred several crypto exchanges to commission proof-of-reserve audits to quash concerns about their financial standing by allowing users to verify the numbers. Despite this, a senior official from the US Securities and Exchange Commission (SEC) has warned investors about relying on this platform.
The agency’s chief accountant Paul Munter reportedly asked that users to be careful of the claims that are being made by crypto companies.
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