UPS Ethereum Binance USDT Platform Assurant Bitcoin

OKX Publishes 3rd Proof of Reserves Report, Shows it Holds None of its Native Token as Collateral

Reading now: 694

Crypto-exchange OKX has released its third monthly proof-of-reserves (PoR) report, confirming that all its reserves are held in bitcoin, ethereum and USDT.

This also means that none are held in its native token OKB, with OKX claiming that it has the largest ‘clean’ asset reserves of any major exchange, equivalent to around $7.5 billion.Along with previous reports, OKX latest release may go some way to calming fears of further contagion in the cryptocurrency industry, with the collapse of FTX in November having a knock-on effect on other platforms.

However, with DCG-owned Genesis declaring bankruptcy yesterday, it's clear that the industry hasn't weathered the storm just yet, and that it may take more than monthly PoR attestations to restore investor confidence.According to OKX latest PoR report, its reserves are actually over-collateralized.

This means that it holds more bitcoin, ethereum and USDT in reserve than its customers have deposited with it.The lack of OKB in OKX's reserves is significant insofar as a heavy reliance on FTT was one of the major causes of FTX's demise and ultimate collapse.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News