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OKX publishes proof of reserves showing 8.9b USD in BTC, ETH and USDT to upgrade transparency by making their full liability Merkle tree publicly available.
March 21, 2023 - OKX, a crypto exchange and Web3 technology company published its fifth monthly Proof of Reserves (PoR) showing $8.9 billion USD held by the exchange in BTC, ETH and USDT.
OKX's latest PoR report aims to earn user trust and improve financial sector transparency.
Current OKX reserve ratios:
- BTC: 103%
- ETH: 103%
- USDT: 102%
OKX also announced that it has upgraded the transparency of its Proof of Reserves system by making full liabilities, or total balance of user deposits, visible to the public. This allows anyone to download the full liability Merkle tree as opposed to the previous system, which showed a user's own liabilities but obscured data from other users. To safeguard user privacy, OKX splits and shuffles account liabilities in the tree using a technical solution called 'splitting leaf nodes'.
OKX Managing Director of Global Institutional Lennix Lai said: "In times of uncertainty, transparency is paramount and users need to have access to crypto-native tools that prove an exchange's reserves on the blockchain unequivocally. OKX is continuously enhancing our approach to exceed market standards and achieve real-time, trustless verification of reserves, liabilities and solvency. This kind of dynamic, on-demand audit could be fundamental to a next generation financial system, and is very relevant given the heavy scrutiny the current banking system is experiencing."
Users are able to view OKX's March PoR online, including reserve ratios for new and historical data. Reserves and liabilities can be self-verified on the OKX website using open-source 3rd party verification tools.
OKX will also upgrade its PoR further with zero-knowledge proof technology, a tamper-proof cryptographic approach that allows users to verify all client deposits are accounted for and guarantees solvency by comparing net equity of user assets to exchange reserves.
