On Thursday 12:00 UTC Cryptocurrency Exchange OKX published a second Proof of Reserve (POR) report, This report allows users to see the exchange holding via his website.
OKX is the second-largest crypto exchange according to the Coingecko volume, these reports show Bitcoin has over-collateralized OKX’s wallets holding 113,754 bitcoin and a user balance of 112,192 bitcoin (BTC). That’s a Bitcoin reserve ratio of more than 100%.
The Proof of reserve focus on mainly three large-cap coins, the leading stablecoin Tether (USDT) OKX wallet held $313,796,5012 ($3.13 billion), and the user balance against holding $3,118,778,203 ($3.11 billion USD), as per the previous report the USDT holding slightly gained.
However, ether’s (ETH) reserve ratio ticked higher to 103% from 102%. OKX’s report shows users holding 1,026,502 ETH while OKX’s wallet held 1,051,208 ETH.
This amazing audit dashboard report is tracked by analytics firm Nansen. The OKX Nansen dashboard covers additional assets and demonstrates that BTC, ETH, and USDT make up over 90% of holdings.
OKX will publish PoR every month, around the 22nd, as part of its commitment to being open and honest. Users can now use open-source tools to check the results of two PoRs on the website.
In the wake of FTX, Binance CEO Chengpen Zhao made this POR. Crypto exchange users are afraid of and don’t trust exchanges, so this POR is a way for users to check the reserve of exchange by looking at the volume of the exchange.
According to a recent Wall Street Journal article on POR, Mazars’ audit firm performs audits of crypto exchanges, but everyone is skeptical of this report. They have now removed all crypto exchange audit reports and will never audit any crypto companies again. That’s why this POR is still doubtful.
OKX published more than 23,000 addresses to make sure that its Proof-of-Reserve (PoR) program was open and honest. OKX will continue to use these addresses to let the public check on asset flows. The source code for the OKX PoR protocol is open source and can be found on GitHub.