OKX publishes a Proof of Reserves page, along with instructions on how to self-audit their reserves
The page includes a "Show OKX Reserves" option that provides at-a-glance reserve ratios for BTC, ETH, and USDT .
New
Crypto exchange OKX has released a Proof of Reserves page that allows users to audit its reserves to ensure it is solvent. This comes at a time when crypto exchanges are coming under greater scrutiny following the collapse of FTX. OKX announced the new page in a tweet, as well as on its blog.
Don't trust, verify → OKX Proof of Reserves (PoR) is LIVE.
To set a new standard for transparency, risk management and user protection, we are launching our first PoR.
You can now verify that your assets are backed up 1:1 on #OKX ⤵️
Details
— OKX (@okx) November 23, 2022The Proof of Reserves page provides two different options for users to audit the reserves of the exchange. The first allows users to get a brief summary of the exchange's current reserves and liabilities for its three major cryptocurrencies: BTC, ETH, and USDT.
This summary currently shows that OKX has 102% of the BTC and ETH it needs to handle all withdrawals of these coins, while it shows that it has 101% of the USDT needed to handle all Tether withdrawals.
The second option is titled "Show my audit". It allows the user to log in and view a snapshot of their balances held on the exchange. The company said these balances should be equal to those found in the app's dashboard asset overview page, unless the user has taken out margin loans.
Some users may not trust the company's web application to give them accurate information, so the company has also provided two help documents that explain how to audit reserves at console help on a PC. These documents are titled "How to check if your assets are included in the OKX Merkle tree?" and "How to verify OKX ownership and wallet address balance."
One of the documents explained how to query the API of the OKX application to obtain a
The page includes a "Show OKX Reserves" option that provides at-a-glance reserve ratios for BTC, ETH, and USDT .
New
Crypto exchange OKX has released a Proof of Reserves page that allows users to audit its reserves to ensure it is solvent. This comes at a time when crypto exchanges are coming under greater scrutiny following the collapse of FTX. OKX announced the new page in a tweet, as well as on its blog.
Don't trust, verify → OKX Proof of Reserves (PoR) is LIVE.
To set a new standard for transparency, risk management and user protection, we are launching our first PoR.
You can now verify that your assets are backed up 1:1 on #OKX ⤵️
Details
— OKX (@okx) November 23, 2022The Proof of Reserves page provides two different options for users to audit the reserves of the exchange. The first allows users to get a brief summary of the exchange's current reserves and liabilities for its three major cryptocurrencies: BTC, ETH, and USDT.
This summary currently shows that OKX has 102% of the BTC and ETH it needs to handle all withdrawals of these coins, while it shows that it has 101% of the USDT needed to handle all Tether withdrawals.
The second option is titled "Show my audit". It allows the user to log in and view a snapshot of their balances held on the exchange. The company said these balances should be equal to those found in the app's dashboard asset overview page, unless the user has taken out margin loans.
Some users may not trust the company's web application to give them accurate information, so the company has also provided two help documents that explain how to audit reserves at console help on a PC. These documents are titled "How to check if your assets are included in the OKX Merkle tree?" and "How to verify OKX ownership and wallet address balance."
One of the documents explained how to query the API of the OKX application to obtain a
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