OKX Publishes Proof of Reserves Report with $7.5B in Clean Assets”

OKX Publishes Proof of Reserves Report with $7.5B in Clean Assets”

Following the excessive turmoil in the crypto market triggered by the FTX liquidity and bankruptcy scandal, several crypto service providers began publishing their reserve funds.

Popular crypto exchange OKX released its third Proof-of-Reserves (PoR), revealing that it holds $7.5 billion worth of “clean assets” in BTC, ETH and USDT.

In a statement, OKX Chief Marketing Officer Haider Rafique said:

"Security, transparency and trust are core principles of OKX's business processes and customer service philosophy. We have already taken a leadership position with the monthly publication of our PoR. As industry standards for PoR continue to take shape, we expect our reserve asset quality to be one of many important differentiating factors for OKX in the market."

OKX's third PoR report

According to the latest data, as of January 18, OKX wallets contained 123,914 BTC against a user balance of 117,682 BTC. The exchange is overcollateralized with a Bitcoin reserve ratio of 101%, unchanged since the PoR report last month.

Similarly, Ethereum’s reserve ratio was at 105%, up slightly from 103% last month. OKX held 1,178,993 ETH against a user balance of 1,233,714 ETH. Tether reserves also remained unchanged at 101%. OKX held 2,979,866,301 USDT holdings versus 2,955,696,824 USDT in user balance.

The exchange further announced that it has published over 23,000 addresses for its Merkle Tree Proof-of-Reserves program and will continue to use these to make wealth flow viewing available to the community.

Clean assets

Citing the findings of blockchain analytics firm CryptoQuant, OKX assured the community that this is the “largest reserve of clean assets among major exchanges.” For context, CryptoQuant has previously stated that 100% of OKX’s wallets are clean. In contrast, it found that 87.67% of Binance, 60.1% of Huobi, 69.85% of Bitfinex, 81.26% of Kucoin and 95.49% of Crypto.com are clean.

OKX explained that asset reserves are considered “clean” when a third-party analysis determines that the reserves do not contain a native token of a crypto exchange and consist exclusively of “traditional” large-cap crypto assets such as Bitcoin, Ethereum and Tether.

After FTX's collapse, allegations of violating its terms of service and misusing user funds have shaken investor confidence. Despite the trials and tribulations of the past decades, OKX Director of Financial Markets Lennix Lai said that the cryptocurrency industry will “change the world.” The manager also said that OKX “has never and never will misuse user resources.”

.