OKX publishes its second proof-of-reserves report

OKX, the cryptocurrency exchange, published its second proof-of-reserves report to confirm the backing of user assets.

.@okx released its second proof-of-reserves report, revealing bitcoin, ether and tether reserve ratios of over 100%. The exchange has promised to publish monthly reports, allowing users to verify the safety of their funds. reports @godbole17https://t.co/MCBQtnYigN

— CoinDesk (@CoinDesk) December 23, 2022

According to the statement, deposits in Bitcoin are backed at 101%. The platform backs user funds in Ethereum at 103%, and in Tether at 101%.

The aforementioned coins account for more than 90% of the exchange’s assets.

“We at OKX believe that Proof-of-Reserves should be subjected to checks using open-source tools so that users can independently verify balances and ownership of reserves at our addresses,” the company said.

In November the Binance exchange launched the initiative to publish reserve data in the wake of the collapse of FTX. The move was supported by a number of industry representatives, while others challenged its effectiveness.

Financial experts also said that reserve checks do not prove the safety of user assets on the platform.

Earlier, amid criticism of the report, the Mazars audit firm, which had validated Binance’s data, announced it would cease servicing crypto-industry clients.

Among them were Crypto.com and KuCoin.

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