OKX has launched Proof of Reserves which allows users to check their reserves. This comes at a time when crypto exchanges are coming under increased scrutiny following the FTX debacle.
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
— OKX (@okx) November 23, 2022
The Proof of Reserves page offers users two different options for checking the reserves. The first gives users a brief overview of the exchanges’ current reserves and liabilities for the top three cryptocurrencies: BTC, ETH, and USDT.
This summary indicates that OKX has 102% BTC and ETH required for all withdrawals on these coins. While it says that 101% of USDT is required to handle all Tether withdrawals.
While the second option, named “view my audit”, allows users to log in and view an overview of their exchange balances. The company says these balances should be the same as those found on the Asset Overview page in the app’s dashboard.
Some users may not trust the company’s website to provide accurate information. Therefore, the company has produced two help documents explaining how to check reserves using the console on a PC. “How to check if your assets are included in the OKX Merkle chart?” and “How to verify ownership and balance of an OKX wallet address”.
OKX Financial Markets Director Lennix Lai commented that the Proof of Reserves page will add transparency to the crypto market: “Users can verify that their assets are 100% backed up. Third-party audits to provide additional assurance. We believe there is a need to bring a higher level of transparency to our industry. for us to come back stronger after the recent events.”
refer : LINK
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