OKX releases Proof of Reserves page, along with instructions on how to self-audit its reserves
Crypto exchange OKX has released a Proof of Reserves page that allows users to audit its reserves to make sure it is solvent. This comes at a time when crypto exchanges are coming under greater scrutiny after the collapse of FTX. OKX announced the new page in a tweet, as well as on its blog.
Don’t trust, verify → OKX Proof of Reserves (PoR) is LIVE. To set a new standard of transparency, risk management and user protection, we’re launching our first PoR. You can now verify your assets are backed 1:1 on #OKX ⤵️Details
The Proof of Reserves page offers two different options for users to audit the exchange’s reserves. The first allows users to get a brief summary of the exchange’s current reserves and liabilities for its top three cryptocurrencies: BTC, ETH, and USDT.
This summary currently indicates that OKX has 102% of the BTC and ETH it needs to handle all withdrawals in these coins, while it says that it has 101% of the USDT needed to handle all Tether withdrawals.
The second option is labelled “view my audit.” It allows the user to login and view a snapshot of their balances held at the exchange. The company said that these balances should be equal to those found in the asset overview page in the app’s dashboard, unless the user has taken out margin loans.
Some users may not trust the company’s web app to give them accurate information, so the company has also provided two help file documents that explain how to audit the reserves using the console on a PC. These documents are titled “How to verify if your assets are included in the OKX Merkle tree?” and “How to verify OKX's ownership and balance of the wallet address.”
One of the documents explained how to query the OKX app’s API to get a merkle tree of customer balances
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