Crypto Exchange OKX Releases Second Proof of Reserves

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Crypto exchange OKX has published its second Proof of Reserves (PoR) on its website, just a month after the first was published.

Haider Rafique, chief marketing officer at OKX, said on Twitter that the crypto exchange is committed to sharing its reserves status every month.

NEW #OKX #proofofreserves released TODAY. This is our 2nd published PoR and we are committed to publishing monthly

A quick overview of our PoR and new features….

Haider (@Haider) December 23, 2022

The announcement also included the rollout of a new feature that allows users to view OKX reserve ratios for new and historical data, verify on-chain assets themselves, and download new and historical data, said Rafique.

OKX’s second Proof of Reserves ratios indicate that the exchange has 101% Bitcoin (BTC), 103% Ether (ETH), and 101% Tether (USDT) required to handle all withdrawals of these cryptos. currencies. Exchanges previously published the PoR attestation from a month ago indicated that OKX had 102% of BTC and ETH, as well as 101% of USDT, needed to handle all withdrawals.

The exchange hopes that publishing monthly proof of reserve reports will help promote transparency and restore trust between users and cryptocurrency exchanges after FTX’s sudden collapse.

Rafique shared: Publishing PoR results on a monthly basis reinforces our commitment to lead the industry in transparency and trust.

Related: OKX Releases Proof of Reserves Page, Along with Instructions on How to Self-Audit Your Reserves

The announcement came shortly after a senior U.S. Securities and Exchange Commission official warned investors to beware of relying on proof of reserves from a crypto firm.

In a Dec. 22 interview with The Wall Street Journal, the SEC’s acting chief accountant, Paul Munter, shared that the results of these audits are not necessarily an indicator that the company is in good financial shape. According to him, exchanges’ proof of reserves reports lack sufficient information for stakeholders to determine whether the company has enough assets to meet its liabilities.

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