OKX, one of the largest cryptocurrency exchanges in the world, announced its latest proof of reserves last Friday (29). According to the report, the exchange holds $26.2 billion in assets in its wallets.
Although the concept is not new, it became nearly unanimous among exchanges after FTX proved insolvent and declared bankruptcy at the end of 2022.
In addition to showing the total cryptocurrencies in the exchange's wallets, it also allows users to verify whether their balances are included in the final sum.
OKX discloses proof of reserves for Bitcoin, Ethereum, USDT and other cryptocurrencies
Data from CoinMarketCap places OKX among the four largest spot cryptocurrency exchanges in the world and the second largest in derivatives.
In a post shared on its social media last Friday (29), the exchange released its latest proof of reserves.
"Transparency is not a feature. It's the foundation. 43 months of Proof of Reserves, independently verified by Hacken. $26.26 billion verified, with over 100% collateral."
Among the highlights of the report are the largest cryptocurrencies.
In the case of Bitcoin, reserves stand at 106%. That is, clients have 111,188 BTC ($7.9 billion) on deposit, while OKX holds 117,934 BTC in its wallets, representing an excess of 6,746 coins ($482 million).
In Tether (USDT), the exchange holds a balance of $11.2 billion, about $1 billion above the $10.2 billion deposited by its users.
Next are reserves of Ethereum (102%), USDC (100%), XRP (110%), DOGE (101%), Solana (101%), and OKB (100%).
"We ensure that our balance always contains sufficient assets with a 1:1 reserve ratio, which gives us a long-standing reputation for security and first-class liquidity."
How to verify OKX's proof of reserves
Users can verify the ownership of OKX's addresses through third-party tools or VerifyAddress, provided by OKX itself. These public addresses can be compared with on-chain balances to confirm the assets held by the platform.
The total client assets are calculated using a Merkle tree, allowing solvency verification without exposing individual data.
To check whether your balance is included in the proof of reserves, simply access your account, search for 'PoR (Proof of Reserves) Reports', and click 'View details'.
Then, the user can download the file and run it with the zk-STARK Verifier, which will show whether the balance is included in the report or not.
