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OKX Released The Second Proof-of-Reserve Report

Key Points:

OKX released the second Proof-of-Reserve (PoR) report on its official website on December 23.
The exchange promises to release PoR reports regularly, and the next report will be released before January 20, 2023.
Users can view the results of the two PoR audits on the page and use the self-inspection function and open-source tools to verify their assets on the exchange.

OKX released the second Proof-of-Reserve (PoR) report on its official website on December 23 to help users see their reserve ratio and self-verify.

According to data from the OKX official website, the reserve ratios of BTC, ETH, and USDT all exceed 100%, which are 101%, 103%, and 101%, respectively.

In addition, OKX promises to release PoR reports regularly, and the next report will be released before January 20, 2023. Users can view the results of the two PoR audits on the page and use the self-inspection function and open-source tools to verify their assets on the exchange.

When self-verifying assets on the chain, they can also download the data files of the two audits.

One notable update for Ethereum holders is that the exchange is now opening a Flash Deal that allows users to stake ETH with an APR of up to 110%.

According to Coincu’s latest update, the exchange is doing wallet maintenance, it will be transferring coins and tokens between the exchange wallet addresses over the next 24 hours.

Proof-of-Reserves is a way to verify that an institution (e.g., a crypto exchange) holds sufficient reserves backing all customer balances. An independent third-party auditor ideally conducts it. PoR is intended to allow customers to assess an institution’s solvency and liquidity.

However, Paul Munter, the acting head accountant of the US Securities and Exchange Commission (SEC), has investors very wary when advising on a cryptocurrency company’s Proof-of-Reserves.

He asserted that the proof of reserve report from Binance, the world’s largest exchange at the moment, didn’t address the effectiveness of internal financial controls, nor did it provide an opinion or assurance conclusion, nor did it attest to the accuracy of the figures.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.