OKX publishes Proof-of-Reserves report with $ 7.5 billion clean assets

OKX publishes Proof-of-Reserves report with $ 7.5 billion clean assets

After the excessive turbulence on the cryptom market, triggered by the FTX liquidity and insolvency scandal, several crypto service providers began to publish their reserve funds.

The popular okx crypto exchange published its third Proof-of-Reserves (POR), in which it revealed that it holds "clean assets" worth $ 7.5 billion in BTC, ETH and USDT.

In an explanation, Haider Rafique said Chief Marketing Officer from OKX:

"Security, transparency and trust are basic principles of the business processes and the customer service philosophy of OKX. With the monthly publication of our POR, we have already taken a leadership position. Since the industrial standards for POR continue shape, we expect that our reserve asset quality will be on the market of many important differentiation factors for OKX."

The third POR report from OKX

In a similar way, the reserve set for Ethereum was 105 %, a slight increase in 103 % last month. Okx held 1,178,993 ETH compared to a user convey of 1,233,714 ETH. The Tether reserves also remained unchanged at 101 %. OKX held 2,979,866.301 USDT stocks compared to 2,955,696,824 in the user converter.

The stock exchange also announced that it has published over 23,000 addresses for its Merkle Tree Proof-of-Reserves program, and will continue to use it to make the community accessible to the community.

clean asset

Citing the results of the blockchain analysis company Cryptoquant OKX of the community that this was the "largest reserve of clean assets among the large stock exchanges". Cryptoquant previously explained to the context that 100 % of the Wallets from OKX are clean. In contrast, 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 said that asset reserves are considered "clean" if an analysis of a third party determines that the reserves do not contain a native token of a crypto exchange and consist exclusively of "traditional" crypto-assets with high market capitalization such as Bitcoin, Ethereum and Tether.

After the collapse of FTX, allegations of violation of their own terms of use and the abuse of user funds shaked the trust of investors. Despite the trials and confusion of the past decades, Okx's financial market director, Lennix Lai, said that the cryptocurrency industry will "change the world". The manager also said that OKX "has never misused user resources and will never do so".

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