OKX Releases Latest Proof-of-Reserves Report

OKX has published its 30th consecutive Proof-of-Reserves report, showcasing reserves that exceed customer deposits for 22 major cryptocurrencies. The crypto exchange currently holds $23.1 billion in primary assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), and others.

Ensuring Security and Liquidity

According to OKX, the safety and security of customer assets remain their top priority. The exchange adheres to a strict 1:1 reserve ratio, ensuring that its balance sheet always holds sufficient assets to match customer deposits. This commitment has established OKX as a trusted platform with strong liquidity and security measures.

A spokesperson for OKX stated, “We ensure our balance sheet always holds enough assets with a 1:1 reserve ratio, giving us a longstanding reputation for best-in-class security and liquidity.”

Audited by Industry Experts

The exchange’s reserves are verified by Hacken, a leading Web3 security auditor. OKX boasts on-chain reserves exceeding 100% for 22 major cryptocurrencies, except for its native token, OKB, which maintains a 1:1 reserve ratio.

Key Reserve Metrics

  • Bitcoin (BTC): OKX holds 139,082 BTC worth $13.2 trillion, representing 104% of customer deposits (133,151 BTC).
  • Ethereum (ETH): The exchange has 104% of ETH reserves compared to customer-held ETH.
  • Tether (USDT): OKX stores 8.15 trillion USDT, equating to a 104% reserve ratio.
  • Ripple (XRP): The XRP reserve ratio is the highest, standing at 110%.
  • Other Assets: USDC, Dogecoin, and Solana (SOL) reserves consistently exceed 100% by an additional 1%.

Understanding Proof of Reserves

Proof of Reserves is a cryptographic method used to verify that customer deposits are fully backed by on-chain reserves at any given time. This ensures that, in the event of a hack or exploit, the exchange has sufficient funds to cover customer losses and maintain liquidity.

“Proof of Reserves is a critical transparency tool that provides reassurance to users about the safety of their funds.”

OKX’s commitment to reserve transparency continues to set a benchmark for security and reliability in the cryptocurrency industry. By exceeding the 100% reserve ratio for multiple assets, the platform offers users peace of mind and confidence in its operations.

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